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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
NZD/USD Technical Analysis: Down Trend Intact After Surge

NZD/USD Technical Analysis: Down Trend Intact After Surge

2017-03-17 06:05:00
Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • NZD/USD Technical Strategy: Short at 0.7205
  • Kiwi Dollar soars most in two months after FOMC rate decision
  • Medium term down trend set from February’s highs remains intact

The New Zealand Dollar enjoyed its biggest advance in two months as its US counterpart slumped following the FOMC monetary policy announcement (as expected). The medium-term down trend established from February’s swing high remains intact however.

A daily close below the 14.6% Fibonacci expansion at 0.6978 opens the door for a test of the 23.6% level at 0.6934. Alternatively, a break above the 38.2% Fib retracement at 0.7075 paves the way for a challenge of the 50% threshold at 0.7133.

An entry order to sell NZDUSD at 0.7205 was triggered, with profit on half of the trade booked once prices hit 0.7138. Remaining exposure continues to be in play to capture the developing down trend. The stop-loss has been trailed to the breakeven level.

Where will NZD/USD go next? Join a Trading Q&A webinar and ask us live!

NZD/USD Technical Analysis: Down Trend Intact After Surge

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