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
GBP/USD
Mixed
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
More View more
Real Time News
  • $EURUSD thwarted by support I think this'll break during Q4 - the next big support zone below runs from around 1448-1500 https://t.co/LnFGRIyfg3
  • 10-year US Treasury yields touching multi-week highs. EUR/USD is likely to re-test 1.1700 in the short-term. Get your $EURUSD market update from @nickcawley1 here:https://t.co/JBdGJ9iqhf https://t.co/hvLu72yDsD
  • This 👇 https://t.co/UH4A7C2HOO
  • $USDJPY has spanned its full, tight range. The has slightly broadened its smallest 30-day trading range (as a ratio of spot) on record. Serious breakout candidate should a firm risk or Fed rate speculation wind come through https://t.co/XyajC1dAee
  • Seems this once-Hawkish view from Cleveland Fed President Loretta Mester is becoming the consensus for the FOMC https://t.co/uHAmcRFNlG
  • - Supports November taper - Still some distance from maximum employment goal needed for raising rates
  • Fed's Mester - Economy has met substantial further progress bar for taper - On inflation bar for raising rates has largely been met - Expect conditions for first rate hike to be met by end of next year
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-24
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/HFl8E8exht
  • Credit Suisse dumped Evergrande exposure on risk fears - FT
NZD/USD Technical Analysis: Double Top May Be Set Below 0.75

NZD/USD Technical Analysis: Double Top May Be Set Below 0.75

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Strategy: SHORT AT 0.7319

  • New Zealand Dollar aiming lower after breaking near-term trend support
  • Overall positioning hints a double top may be forming above the 0.74 mark
  • Short trade in play, initially looking for a test of the 23.6% Fib expansion

The New Zealand Dollar recoiled from familiar resistance above the 0.74 figure against its US counterpart, hinting that a double top may be in the works. Prices conspicuously traded through the series of higher highs and lows set from early February, hinting at deeper near-term losses on the horizon.

Near-term support is at 0.7254, the 23.6% Fibonacci expansion. A break below that confirmed on a daily closing basis opens the door for a challenge of the 0.7140-77 area (38.2% level, February 8 low). Alternatively, a push above trend line resistance at 0.7334 exposes the 0.7434-37 double top for another test.

Last week, the bearish chart setup was reinforced by attractive risk/reward parameters and a short NZD/USD position was activated at 0.7319. The trade initially targets 0.7254, with a stop-loss set to be triggered on a daily close above 0.7359. Profit on half of exposure will be booked if the first objective is met.

Just getting started building your NZD/USD strategy? See our beginners’ guide to FX trading!

NZD/USD Technical Analysis: Double Top May Be Set Below 0.75

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

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

DISCLOSURES