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.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN -0.91% #BITCOINCASH +1.48% #ETHEREUM -1.58% #RIPPLE -1.35% #LITECOIN -2.48%
  • $AUDUSD pushes further into multi-month highs this morning as risk appetite improves https://t.co/jCjpOT2kbP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.98%, while traders in US 500 are at opposite extremes with 73.36%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ZZhiVDU0Ey
  • The #Euro Stoxx 50 has made a firm break away from its 50% fib retracement to trade at its highest level since early March. Get your equities market update from @JMcQueenFX here:https://t.co/TeIdfHjbUj https://t.co/IPSBuPQ3YF
  • New York Virus cases rise 0.4% compared to 7-day average of 0.3% - BBG
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.91% Gold: -0.86% Silver: -2.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/slar5zMmAp
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.19% 🇳🇿NZD: 0.91% 🇨🇦CAD: 0.47% 🇪🇺EUR: 0.35% 🇨🇭CHF: -0.08% 🇯🇵JPY: -0.94% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/212TNo9F85
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.45% France 40: 0.14% US 500: 0.11% Germany 30: 0.11% FTSE 100: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hJWuqYgXB7
  • Hey traders! Why is US indices a good benchmark? Find out from @DailyFX Chief Strategist, @JohnKicklighter 👇 as he covers the US market highlights today! https://t.co/cRetV7qC8m
  • US Treasury Yields: 2-Year: 0.158% 3-Year: 0.199% 5-Year: 0.308% 7-Year: 0.507% 10-Year: 0.669% 30-Year: 1.470% $TNX
NZD/USD Technical Analysis: Short Trade Triggered Sub-0.64

NZD/USD Technical Analysis: Short Trade Triggered Sub-0.64

2015-09-01 02:43:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • NZD/USD Technical Strategy: Short at 0.6370
  • Kiwi Aiming to Resume Down Trend on Range Floor Break
  • Short Trade Triggered, Aiming for Move Below 0.63 Figure

The New Zealand Dollar looks vulnerable to deeper losses against its US counterpart after prices broke support near the 0.64 figure. Prices spiked to a six-year low last week but failed to maintain momentum, settling in a narrow range below the 0.65 mark.

From here, a daily close below the 38.2% Fibonacci expansion at 0.6219 exposes the next downside barrier at 0.6069, the 50% level. Alternatively, a move back above the 23.6% Fib at 0.6406 opens the door for a challenge of the 0.6497-0.6521 area, marked by the July 15 low and the 14.6% expansion.

We previously opted against taking a short trade on risk/reward grounds. The latest break lower has adequately expanded the trading range to improve positioning and we will now sell the pair, initially aiming for another test of 0.6219. A stop-loss will be activated on a daily close above 0.6521. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.

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

NZD/USD Technical Analysis: Short Trade Triggered Sub-0.64

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

DISCLOSURES

News & Analysis at your fingertips.