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:🇧🇷 Balance of Trade (JUL) due at 18:00 GMT (15min) Expected: $8.694B Previous: $10.4B https://www.dailyfx.com/economic-calendar#2021-08-02
  • Technical Levels: #Dollar, #Aussie, #Loonie, #Gold, #Silver, #Oil, #Bitcoin & More!! (Webinar Archive) - https://t.co/tbSdlhqwbP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in France 40 are at opposite extremes with 79.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2ztlwRMCsR
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.10% Silver: -0.17% Oil - US Crude: -3.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Mc50z2D90D
  • US Dollar Index (DXY) moves within 0.5% of its 2021 high. The DXY index is displaying conflicting technical signals. Get your $USD market update from @FxWestwater here:https://t.co/5a4YkhwBwk https://t.co/sMmBAcQzP2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.44% 🇦🇺AUD: 0.20% 🇪🇺EUR: 0.04% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.18% 🇨🇦CAD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XXzkPbgClH
  • The US 10 Year Treasury yield has continued to decline, now at 1.15% $ZN #Trading https://t.co/HdcjskFwi3
  • Crude oil getting whacked today with prices down -4% on the session. Currently probing its 50-day moving average with subsequent support appearing at the psychological $70.00/bbl level before traders eye July lows. Link to Analysis - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/07/31/crude-oil-forecast-price-action-mired-by-shaky-risk-appetite.html #OOTT $CL_F $USO https://t.co/1CkmlXdPQa
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.08% Wall Street: 0.04% FTSE 100: -0.17% France 40: -0.19% Germany 30: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hke8hL7JK2
  • The recent decline in USD/CAD appears to be stalling as it struggles to extend the series of lower highs and lows from the previous week. Get your $USDCAD market update from @DavidJSong here:https://t.co/937N1stI8E https://t.co/M85BaWAn4a
NZD/USD Technical Analysis: NZ Dollar Aims to Extend Down Move

NZD/USD Technical Analysis: NZ Dollar Aims to Extend Down Move

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Strategy: SHORT AT 0.7320

  • NZ Dollar upswing rejected at six-week trend line resistance
  • Overall trend bias defined by downward-sloping price channel
  • Sellers taking aim at resistance below the 0.72 figure anew

The New Zealand Dollar recoiled from trend resistance capping forays to the upside for six weeks, hinting the next leg of the down move has begun. Overall positioning continues to be defined by a choppy channel formed by a series lower highs and lows, making for a broadly bearish bias.

Near-term support is at 0.7140, the 38.2% Fibonacci expansion. A daily close below that opens the door for a challenge of the 50% level at 0.7048. Alternatively, push up and through the trend line – now at 0.7292 – paves the way for a retest of 0.7355 (March 13 high, channel top).

NZD/USD Technical Analysis: NZ Dollar Aims to Extend Down Move

Half of the short NZD/USD tradetriggered at 0.7320 remains in play after partial profit was booked upon meeting the position’s initial objective, looking to capture follow-on weakness. A stop-loss will be activated on a discretionary basis if the boundaries of the downtrend appear to have been breached.

NZD/USD TRADING RESOURCES

--- 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