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
  • Japanese #Yen Outlook: $USDJPY Rebound Eyes Resistance into #NFP -https://t.co/k8p36uNsBC https://t.co/MqQGpSUqzL
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.33% 🇨🇦CAD: 0.32% 🇬🇧GBP: 0.30% 🇨🇭CHF: -0.00% 🇪🇺EUR: -0.04% 🇯🇵JPY: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bfJnHyzJyn
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.10% Gold: -0.42% Silver: -0.91% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/j3TGJrmNvp
  • Fed's Kashkari says crypto is 'wild west' of fraud and hype - BBG $BTCUSD #Bitcoin
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.57%, while traders in France 40 are at opposite extremes with 79.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hWcwkuvBVF
  • FDA developing Covid vaccine booster plan DJ via BBG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.03% Germany 30: 0.02% Wall Street: -0.02% US 500: -0.03% France 40: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bVWZM0rAFe
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/U6wIThJkpw
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.11% Gold: -0.43% Silver: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AOIbh73rp3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.68%, while traders in France 40 are at opposite extremes with 78.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yK7jFjbjiP
NZD/USD Technical Analysis: Ready to Make Good on Topping Setup?

NZD/USD Technical Analysis: Ready to Make Good on Topping Setup?

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 may be ready to make good on Head and Shoulders top pattern
  • Confirmation, improved risk/reward parameters sought to enter short position

The New Zealand Dollar may be starting to make good on a bearish Head and Shoulders chart having initially struggled to find directional follow-through. Last week, prices broke the pattern’s neckline to hint at a major reversal in progress but stalled and attempted an upside retest before sellers returned in force.

From here, a daily close below the 50% Fibonacci retracement at 0.7188 paves the way for a challenge of the 61.8% level at 0.7101. Alternatively, a push back above neckline support-turned-resistance, now at 0.7256, opens the door for a test of the 0.7299-0.7337 area (August 21 and 29 highs).

The H&S setup implies a measured downside objective just above the 0.69 figure. Entering a short position on this basis seems premature from a risk/reward perspective absent a daily close below immediate support however. Opting for the sidelines seems most attractive in the interim.

Having trouble with NZD/USD? See the #1 mistake that traders make and learn how to fix it!

NZD/USD Technical Analysis: Ready to Make Good on Topping Setup?

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

DISCLOSURES