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
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.27% France 40: 0.23% FTSE 100: 0.05% US 500: -2.83% Wall Street: -2.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tPui0dstvl
  • Gold has slipped a 7-month rising support despite it being a 'risk off' day for the markets (overlay is $SPX). Roles - like the metal representing a haven - are not always linear and dominant https://t.co/hSqu6E9HQv
  • Update on #Cryptocurrencies #BITCOIN -3.05% #BITCOINCASH +4.24% #ETHEREUM -4.53% #RIPPLE -1.91% #LITECOIN -3.36%
  • Japanese #Yen Outlook: $USDJPY Dives into Key Technical Support Pivot - https://t.co/vzJ2u0MUbS https://t.co/4NE2BirSlY
  • Really glad I’m not the only one who thinks like this https://t.co/kGQ6p4HO61
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.56%, while traders in NZD/USD are at opposite extremes with 70.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kYXsXPuSmJ
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -1.32% Silver: -3.74% Oil - US Crude: -5.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1IZV4KJruu
  • More weakness in Eurozone economic data coupled with a surge in COVID-19 cases has seen ECB interest rate cut expectations pulled forward, and the odds of surprise action at the October meeting are non-zero. Get your market update from @CVecchioFX here:https://t.co/JdP6FXyQXF https://t.co/88FWLMNtTu
  • Gold IG Client Sentiment: Our data shows traders are now at their most net-long Gold since Sep 04 when Gold traded near 1,933.11. A contrarian view of crowd sentiment points to Gold weakness. https://www.dailyfx.com/sentiment https://t.co/mtvMK2qH5Q
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇨🇭CHF: -0.10% 🇪🇺EUR: -0.33% 🇳🇿NZD: -0.78% 🇦🇺AUD: -0.88% 🇨🇦CAD: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fJ7TOYyATO
NZD/USD Technical Analysis: Six-Day Win Streak Broken

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

2015-10-13 22:27:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • NZD/USD Technical Strategy: 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