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
Bullish
Oil - US Crude
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
Wall Street
Bullish
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/O2i6DZLkIB
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.02% Oil - US Crude: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8fnXlqvZEz
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.07% 🇨🇭CHF: 0.05% 🇬🇧GBP: 0.01% 🇯🇵JPY: -0.06% 🇦🇺AUD: -0.09% 🇳🇿NZD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/T8ma15KmYS
  • RT @DanielGMoss: #JacindaArdern’s balancing act with China may fuel further gains for the trade-sensitive $NZD $AUDNZD Head and Shoulders…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.85%, while traders in US 500 are at opposite extremes with 73.24%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tUOYKl0cyo
  • Okay so what's China CPI today? Its changed like 3 times on Bloomberg
  • Since the stock market bottomed back in March, the S&P 500 has gone on to climb over 40%. Get your S&P500 market update from @FxWestwater here: https://t.co/Ff7iHAUObN https://t.co/bLO6xva4Fw
  • 🇦🇺 Investment Lending for Homes (MAY) Actual: -15.6% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇦🇺 Home Loans MoM (MAY) Actual: -10.2% Previous: -5.0% https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇨🇳 Inflation Rate MoM (JUN) Actual: -0.1% Expected: 0% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2020-07-09
NZD/USD Technical Analysis: Kiwi Eyes Double Top Resistance

NZD/USD Technical Analysis: Kiwi Eyes Double Top Resistance

2016-03-07 10:02:00
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
  • New Zealand Dollar breaks of congestion range, hits highest level in 2 months
  • Waiting on the sidelines for actionable sell signal, passing of RBNZ event risk

The New Zealand Dollar soared to the highest level in two months against its US namesake, breaking out of a congestion range containing prices since early February. The completion of a Flag continuation pattern hints prices are en route to challenge and may break above double-top resistance

Near-term resistance is at 0.6830, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis paving the way for a challenge of double top resistance in the 0.6883-97 area. Alternatively, a reversal below the 50% Fib at 0.6779 sees the next layer of support at 0.6729, the 38.2% expansion.

We expect the dominant NZD/USD down trend to resume, in line with our 2016 fundamental outlook. An actionable selling opportunity is absent however and the RBNZ rate decision represents potent event risk that may materially alter positioning. With that in mind, we will remain on the sidelines for now.

What do DailyFX analysts expect from NZD/USD in 2016? Check out ourforecast!

NZD/USD Technical Analysis: Kiwi Eyes Double Top Resistance

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

DISCLOSURES

News & Analysis at your fingertips.