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
Bearish
GBP/USD
Bullish
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
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
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.15% 🇦🇺AUD: 0.11% 🇨🇦CAD: 0.09% 🇬🇧GBP: -0.04% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8eae0Wfez6
  • UK Election Marginal Seats in 2017 (less than 5% majority) $GBP https://t.co/1LstJAFSGz
  • #Palladium prices may keep falling after the largest two-day drop in three months pierced chart support. Soft autos turnover in China and rising US rates may be to blame. Get your market update from @IlyaSpivak here:https://t.co/ieiENjbGRo https://t.co/hrOmLWuHx5
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.48% US 500: 0.33% Wall Street: 0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HqtZEYKrk8
  • Get trading education and join our analysts for live coverage of market-moving economic data at the DailyFX Webinars. https://www.dailyfx.com/webinars?re-author=Cottle?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • Trade deal bets kept the Singapore Dollar, Philippine Peso, Indonesian Rupiah and Malaysian Ringgit afloat despite $USD strength. This is the key fundamental driver for #ASEAN FX.Get your market update from @ddubrovskyFX here: https://t.co/aB8qP3JsB4 https://t.co/oAF2XxyNak
  • European Opening Calls from IG: #FTSE 7330 +0.51% #DAX 13262 +0.62% #CAC 5932 +0.52% #AEX 599 +0.61% #MIB 23636 +0.66% #IBEX 9217 +0.47% #STOXX 3712 +0.63%
  • The $USDINR rate could rise as the Nifty 50 sinks after Indian Industrial Production shrank by the most since 2011, fueling RBI rate cut bets amid the ongoing US-China trade war. Get your market update from @ddubrovskyFX here:https://t.co/1PzYH3xCdV https://t.co/AqdtzJN0w1
  • (Analyst Pick) USD/JPY Outlook Bearish on Yen Chart Breakout, Trade Wars $USDJPY #Yen #TradeWars - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/11/15/USDJPY-Outlook-Bearish-on-Yen-Chart-Breakout-Trade-Wars.html?CHID=9&QPID=917702 https://t.co/5CKAA0e7Pc
  • #GBP, #NOK and #SEK are expected to be the most-active #G10 currencies against the #USD with one-week implied volatility at 7.85, 7.82 and 7.15 respectively [delayed]
NZD/USD Technical Analysis: Short Trade Triggered Above 0.68

NZD/USD Technical Analysis: Short Trade Triggered Above 0.68

2016-04-25 02:45:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • NZD/USD Technical Strategy: Short at 0.6863
  • Kiwi Dollar drops below monthly trend support, hints at deeper losses ahead
  • Short trade triggered, aiming for a move below the 0.68 figure vs. US Dollar

The New Zealand Dollar moved lower against its US counterpart as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Prices have now broken below support capping the downside since mid-March, hinting a larger bearish reversal may be in the works.

A daily close below the 38.2% Fibonacci retracement at 0.6784 opens the door for a test of the 50% level at 0.6701. Alternatively, a move back above 0.6887 – the intersection of the 23.6% Fib and trend line support-turned-resistance – paves the way for a challenge of the 14.6% retracement at 0.6951.

Positioning hints the long-term NZD/USD down trend may be resuming in line with our 2016 fundamental forecast and we will enter short, initially targeting 0.6784. A stop-loss will be activated on a daily close above 0.6887. We will take profit on half of the trade and move the stop-loss to breakeven once the first objective is met.

DailyFX SSI bolsters the case for NZD weakness. Learn why and download the app here!

NZD/USD Technical Analysis: Short Trade Triggered Above 0.68

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

DISCLOSURES

News & Analysis at your fingertips.