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.

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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Texas virus cases increase 2.7% vs prior 4% 7-day average - BBG
  • $USDJPY Daily Pivot Points: S3: 107.3 S2: 107.4 S1: 107.46 R1: 107.56 R2: 107.6 R3: 107.7 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Good to be back! We started off the week with my #WallStreet index closing above resistance, facing June peaks This is after passing above the 20-day SMA following the 50-day holding Equities seem to be setting up cautiously bullish here $AUDUSD $NZDUSD https://t.co/1NHeKDOHse
  • BOE's Bailey delays meeting with Tory party members - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.53% 🇦🇺AUD: 0.47% 🇨🇭CHF: 0.33% 🇯🇵JPY: 0.11% 🇨🇦CAD: 0.07% 🇬🇧GBP: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3Xcr8SqmVU
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.35% Gold: 0.62% Oil - US Crude: 0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/S1HRq3Qhdv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in US 500 are at opposite extremes with 70.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/z2VKrQ1an0
  • A close below the high end of the zone signals bull’s hesitation and may lead some of them to exit the market and press Gold to fall towards $1,685.Get your $XAUUSD technical analysis from @malkudsi here:https://t.co/WrxzMLWKJM https://t.co/boK0OUGM7D
  • US virus cases increase by 2% vs prior 1.8% 7-day average - BBG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: 0.01% FTSE 100: -0.05% Germany 30: -0.06% France 40: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/LU3pxZ6crc
NZD/USD Technical Analysis: Sellers Take Aim at August Lows

NZD/USD Technical Analysis: Sellers Take Aim at August Lows

2018-08-30 05:00:00
Ilya Spivak, Head Strategist, APAC
Share:

NZD/USD Technical Strategy: Short at 0.6680

  • New Zealand Dollar down trend vs USD looks to be back in play
  • Signs of indecision were followed by counter-trend support break
  • Short position activated, initially targeting August swing bottom

See our free trading guide to help build confidence in your NZD/USD trading strategy!

The New Zealand Dollar looks to be resuming the four-month downtrend against its US counterpart after a tepid rebound ran out of steam, as expected. Disappointing economic data emerged as a near-term catalyst as ANZ bank said its gauge of business confidence has dropped to the lowest in ten years.

The four-hour chart reveals signs of ebbing upside momentum telegraphed in negative RSI divergence on a retest support-turned-resistance. This is followed by a break of countertrend line support established the mid-August swing bottom, suggesting sellers have retaken the initiative.

NZD/USD Technical Analysis: Sellers Take Aim at August Lows

Turning to the daily chart, the first layer of significant support looks to be in the 0.6545-60 area. A daily close below that opens the door for a test of the 38.2% Fibonacci expansion at 0.6402. Alternatively, reversal above support-turned-resistance at 0.6726 exposes the 0.6851-70 zone (May 16 low, 38.2% Fib retracement).

New Zealand Dollar vs US Dollar Chart - daily

A short NZD/USD position was activated at 0.6680, initially targeting 0.6560. A stop-loss will be activated on a daily close above 0.6726. Opportunities to add to exposure will be evaluated after the trade’s initial objective has been achieved.

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

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

DISCLOSURES

News & Analysis at your fingertips.