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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
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
USD/JPY
Bullish
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
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Join analyst @DavidJSong at 6:15 PM ET/10:15 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/3QIFzIq6xQ
  • Heads Up: New Zealand’s Performance Services Index (SEP) is due at 21:30 GMT (15 min) Est: N/A Previous: 54.6
  • "To put it simply: this will be a week of tense uncertainty because each decision will likely have radical implications for how #Brexit plans will proceed which will be mirrored in price action in the Pound". See my weekly fundamental forecast here ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2019/10/13/GBP-Braces-For-Brexit-Turmoil-EU-Summit-Will-There-be-a-Deal.html
  • What are the trading lessons every #forex trader should learn when diving into the forex market? Get your free guide here: https://t.co/w77TGnEVwP https://t.co/m5ZMY4ao6F
  • The New York #forex session is one of the most liquid #forextrading sessions. Want to learn to trade in this session? Read up! https://t.co/qDNTKLVhFa https://t.co/tZetcS5Ev7
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/roWhofPtMb
  • $USD price action has edged roughly 1.5% lower since touching year-to-date highs earlier this month and the recent stretch of weakness jeopardizes the US Dollar’s bullish trend. https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/13/usd-price-us-dollar-technical-forecast-eurusd-gbpusd-audusd-usdcad.html
  • RT @C_Barraud: 🇮🇳 World Bank Says #India Faces Severe Slowdown, Cuts GDP Forecast - Bloomberg *India’s gross domestic product growth seen a…
  • Why are Bollinger Bands @bbands and #forex such a good combo? Because forex is a form of pairs trading, each transaction involving a long position in one currency and a short position in another. Find out how you can use it in your trading strategy here: https://t.co/ZuN2xl5GIw https://t.co/G0ByyTvBnT
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/Bf4KXjRYzR
NZD Technical Analysis Overview: NZDUSD & NZDJPY Focus Ahead of RBNZ

NZD Technical Analysis Overview: NZDUSD & NZDJPY Focus Ahead of RBNZ

2018-08-08 09:31:00
Justin McQueen, Analyst
Share:

NZD Analysis and Talking Points

  • NZDUSD Relatively Rangebound, Support from 0.6680-0.67
  • NZDJPY Key Fib is Holding For Now

See our Q3 FX forecast to learn what will drive the currency through the quarter.

NZDUSD Relatively Rangebound, Support from 0.6680-0.67

Prices are still within the 0.67-0.6850 range with the pair situated at the 61.8% Fibonacci retracement. Buying interest above the 0.6700 continue to underpin the currency, however, DMAs do continue to head south, which in turn brings into focus the 0.6680-0.67 support area, whereby a firm break could open the gate to larger losses back down towards the mid-0.65s. On the topside, targets are for 0.68 and 0.6860.

IG Client Positioning SentimentTraders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZDUSD-bearish contrarian trading bias.

NZDUSD PRICE CHART: Daily Time Frame (January 2018-August 2018)

NZD Technical Analysis Overview: NZDUSD & NZDJPY Focus Ahead of RBNZ

Chart by IG

NZDJPY Key Fib is Holding For Now

The negative bias in the cross remains intact given the series of lower highs, while a rejection from the 50% Fib level sparking renewed selling in the cross. Eyes now on for a firm break below the 61.8% Fib level at 74.80, which is acting as support for now. If indeed this gives way, then the cross will look to make a move towards the 2018 low at 74.08 before making a run in on the November 9th low situated at 73.70.

NZDJPY PRICE CHART: Daily Time Frame (April 2016 – August 2018)

NZD Technical Analysis Overview: NZDUSD & NZDJPY Focus Ahead of RBNZ

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.