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.

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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
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
More View more
Real Time News
  • Had the pleasure of jumping on The Trade today on @ausbiztv to go over what long-term price action can tell us about the future trajectory of #copper, $AUDUSD and the $DXY Big thanks to @KaraOrdway for having me on! https://t.co/awjKgmOTwS
  • Heads Up:🇮🇳 Markit Manufacturing PMI (FEB) due at 05:00 GMT (15min) Expected: 57.5 Previous: 57.7 https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇮🇩 Inflation Rate YoY (FEB) Actual: 1.38% Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇮🇩 Inflation Rate YoY (FEB) due at 04:00 GMT (15min) Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.75% Gold: 0.92% Silver: 0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SDuwP1gB7E
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.72% 🇳🇿NZD: 0.65% 🇬🇧GBP: 0.49% 🇪🇺EUR: 0.12% 🇨🇭CHF: 0.05% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/maFKPUDES5
  • Dramatic-looking Bearish Engulfing candle pattern with negative RSI divergence on the weekly #AUDUSD chart. A turn may be brewing. https://t.co/25jfu7eHaB
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/2Xfmpbd24B
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.78%, while traders in GBP/JPY are at opposite extremes with 66.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pXjqRmdicy
  • Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View - https://www.dailyfx.com/forex/market_alert/2021/03/01/Australian-Dollar-Unfazed-by-Chinese-PMI-as-RBA-Meeting-Shifts-Into-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/mR4b8YAVIe
NZD/USD Technical Analysis: NZ Dollar Rally Ready to Resume?

NZD/USD Technical Analysis: NZ Dollar Rally Ready to Resume?

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Strategy: FLAT

  • New Zealand Dollar attempting to resume advance after support retest
  • Monthly chart positioning warns against bets on upside follow-through
  • Opting for the sidelines until better-defined trade setup presents itself

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

The New Zealand Dollar is attempting to revive upward momentum after retesting resistance-turned-support in the 0.6688-0.6726 area. Immediate resistance is at 0.6851, with a break above that confirmed on a daily closing basis opening the door for a test of the June 6 high at 0.7060.

Alternatively, a turn back below 0.6688 paves the way for another challenge of former range top resistance in the 0.6592-0.6619 zone. This followed by a more potent threshold at the 0.65 figure, marked by a chart inflection point in play since mid-September and former falling trend line resistance (now recast as support).

New Zealand Dollar vs US Dollar - daily chart

While daily chart positioning seems to make a compelling case for the upside scenario, turning to the longer-term setup undermines conviction. Prices appear to be retesting a broken two-year range floor as sellers test the bounds of a rising trend established in October 2000.

While the structural uptrend remains intact for now, it is clearly under pressure. If nothing else, prices are pushing up against major resistance, with a confirmed breakout needed to make a compelling case for upside follow-through.

New Zealand Dollar vs US Dollar - monthly chart

This seems to argue against taking up the long side on risk/reward grounds. Entering short without a defined bearish reversal signal does not appear to be any more attractive however. On balance, opting for the sidelines seems most prudent for now.

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