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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
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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.

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