News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/D6pqxwS0eY
  • Coming up at half past the hour... my free webinar on market sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars #sentiment
  • 💶 Inflation Rate MoM Flash (FEB) Actual: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 💶 Inflation Rate YoY Flash (FEB) Actual: 0.9% Expected: 0.9% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 💶 Core Inflation Rate YoY Flash (FEB) Actual: 1.1% Expected: 1.1% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Italy will likely seek more stimulus as the outlook for coronavirus worsens $EUR
  • Heads Up:💶 Inflation Rate MoM Flash (FEB) due at 10:00 GMT (15min) Previous: 0.2% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Heads Up:💶 Inflation Rate YoY Flash (FEB) due at 10:00 GMT (15min) Expected: 0.9% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Heads Up:💶 Core Inflation Rate YoY Flash (FEB) due at 10:00 GMT (15min) Expected: 1.1% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2021-03-02
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/T9BBM1nQ5d
NZD/USD Technical Analysis: Three-Month Channel Broken

NZD/USD Technical Analysis: Three-Month Channel Broken

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.6619, 0.6497, 0.6336
  • Resistance:0.6679, 0.6791, 0.6973

The New Zealand Dollar is accelerated upward against its US namesake after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.6679, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.6791. Alternatively, a push below channel top resistance-turned-support at 0.6619 opens the door for a test of the July 16 low at 0.6497.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Three-Month Channel Broken

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES