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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Heads Up:🇦🇺 Retail Sales MoM Final (JUN) due at 01:30 GMT (15min) Expected: -1.8% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-08-04
  • The US Dollar could lose some ground against ASEAN currencies such as the Singapore Dollar and Thai Baht amid slowing Emerging Asia Covid case growth. Softer US NFPs may also bode well.Get your market update from @ddubrovskyFX here:https://t.co/jnJ80hQR4P https://t.co/n8UXm0mUeb
  • This week's non-farm payrolls (NFP) will likely be key to gauge the direction of gold as markets look ahead to the Jackson Hole Economic Symposium. Get your market update from @FxWestwater here:https://t.co/WmTrqe0xJN https://t.co/BO2uwXMAko
  • Will be discussing the Japanese #Yen and what you can expect throughout this week in about 15min! Signup for the webinar in the link below! https://t.co/Jbtd2hc5nU
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQioRZER https://t.co/uy1tAhiwGY
  • RT @FxWestwater: $NZDUSD Wedge Breakout Back in Play on Stellar Q2 Jobs Report Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/08/03/NZDUSD-Wedge-Breakout-Back-in-Play-on-Stellar-Q2-Jobs-Report.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/YAIqqu5RDB
  • 🇦🇺 Markit Services PMI Final (JUL) Actual: 44.2 Previous: 56.8 https://www.dailyfx.com/economic-calendar#2021-08-03
  • $AUDNZD likely to attempt closing at a new 2021 low over the remaining 24 hours following the stellar New Zealand jobs report The December 2020 low has been further exposed at 1.0418 since July's #RBNZ rate decision New Zealand bond yields on the rise https://t.co/ipjwkSNt9n https://t.co/ncQX4hL8G3
  • Strong jobs report lifts $NZD - Money markets pricing in a 93% probability of a 25bps hike at the August meeting (previously 77%) - Over the forecast horizon, the RBNZ had projected (in the May MPS) the unemployment rate to gradually fall to 4.3% https://t.co/G5Ejzl2H6L
  • #NZDUSD cautiously higher after solid New Zealand jobs report Unemployment rate declined to 4.0% in Q2 from 4.7% prior (vs 4.4% anticipated) Job gains were at 1.7% y/y vs 1.2% expected Data seems to be supporting the case for a less-dovish #RBNZ given the cease to QE recently https://t.co/XmzhuLXh1H
NZD/USD Technical Analysis: Six-Day Win Streak Broken

NZD/USD Technical Analysis: Six-Day Win Streak 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
  • Prices Drop Most in 3 Weeks, Breaking Longest Win Streak Since 2012
  • Risk/Reward Considerations Argue Against Entering Short Trade Now

The New Zealand Dollar turned sharply lower against its US namesake, issuing the largest daily drop in three weeks. The decline marked the end of a seven-day winning streak, the longest series of consecutive gains in almost three years.

Near-term support is now at 0.6621, the intersection of a recently broken falling trend line and the 23.6% Fibonacci retracement. A break below this barrier on a daily closing basis initially opens the door for a test of the 38.2% level at 0.6547. Alternatively, a move back above the 14.6% Fib at 0.6666 clears the way for a challenge of the October 12 high at 0.6740.

We have argued that the dominant NZDUSD trend continues to favor the downside, painting the recent upswing as corrective. With that in mind, we have been waiting for the move to fizzle and offer a selling opportunity. However, prices’ proximity to near-term support argues against pulling the trigger now from a risk/reward perspective. We will remain flat, waiting for a more attractive opportunity to present itself.

Losing Money Trading Forex? This Might Be Why.

NZD/USD Technical Analysis: Six-Day Win Streak Broken

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

DISCLOSURES