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:🇺🇸 Fed Chair Powell Testimony due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Heads Up:🇺🇸 CB Consumer Confidence (SEP) due at 14:00 GMT (15min) Expected: 114.5 Previous: 113.8 https://www.dailyfx.com/economic-calendar#2021-09-28
  • House Rep Speaker Pelosi says the House could vote on debt limit today - politico
  • The price of Brent crude oil continues to soar, touching highs last seen three years ago as demand outstrips supply. Get your #crudeoil market update from @nickcawley1 here:https://t.co/vrVxkoVBxQ https://t.co/Qf74MIyEmp
  • Heads Up:💶 ECB Panetta Speech due at 13:45 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • $USD fresh 2021 high didn't get much traction on the first test above resistance, but it's been quite the move since last week. Friday should be a big day for the USD - PCE, ISM and Sentiment numbers https://t.co/TfIp6Z8mBr https://t.co/qtFaKzxHIJ
  • Gold and silver not having a good day so far, rising US Treasury yields is a headwind for precious metals and non-interest bearing assets in general #trading $XAUUSD $XAGUSD
  • US 10-YEAR YIELD RISES TO 1.53%, LAST WEEK IT WAS SITTING BELOW 1.30%. THE RAPID INCREASE IN TREASURY RATES IS BAD FOR TECH STOCKS, NASDAQ AT RISK, $ARKK COULD ALSO SUFFER HEAVY LOSSES #TRADIDG $NDX
  • there it is $USDJPY up for a test of the 2021 high fibo level at 111.61, next major level at 112.50 this zone has held the highs in 2019, 2020 and so far in 2021 https://t.co/PwShmUDOn0 https://t.co/in6dnrIq0Q
  • ...let's see how far the brinkmanship goes and whether the rating agencies feel a rating downgrade is necessary for the constant pressure on its finances
NZD/USD Technical Analysis: 2-Month Resistance Under Fire

NZD/USD Technical Analysis: 2-Month Resistance Under Fire

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar threatens two-month resistance below 0.74 once again
  • Actionable trade setup absent as prices negotiate chart threshold

The New Zealand Dollar has mounted another challenge of powerful resistance capping gains below the 0.74 figure against the greenback since late June. Beyond succeeding where multiple attempts failed before, a breakout would also negate a would-be bearish reversal signaled with a trend line breach two weeks ago.

A daily close above the July 12 high at 0.7325 initially opens the door for a test of the 38.2% Fibonacci expansion at 0.7368. Alternatively, a reversal below the 14.6% threshold at 0.7267 paves the way for another challenge of the 38.2% Fib retracement at 0.7217.

An actionable trade setup is absent at this time. On one hand, prices are too close to resistance to justify entering long from a risk/reward perspective. On the other, the absence of a clearly defined bearish reversal signal suggests taking up the short side is premature. Opting for the sidelines seems prudent for now.

What do past NZD/USD price patterns hint about current trends? Find out here!

NZD/USD Technical Analysis: 2-Month Resistance Under Fire

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

DISCLOSURES