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
EUR/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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • $AUDUSD dipping in morning APAC trade following a speech from #RBA Governor Guy Debelle He mentioned that an option possibly being considered for other policy prescriptions is to buy bonds 'further out along the curve' (relatively dovish) https://t.co/JXQktfCrj0 https://t.co/Xbyhuuy5b6
  • RBA's Debelle: 'Mixed' empirical evidence on negative rates, TFF increase is substantial easing of monetary policy -BBG #RBA $AUDUSD
  • RBA's Debelle: Lower #AUD would benefit economy, watching closely. FX intervention not effective in current circumstance -BBG $AUDUSD #RBA
  • RBA Deputy Governor Debelle: Reducing yield target, TFF rate possible policy option. RBA continues to assess other policy options -BBG
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/QwmBEeg3A4
  • Heads Up:🇦🇺 RBA Debelle Speech due at 00:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • Top Chart: Haven US Dollar seen struggling vs #ASEAN currencies (SGD, IDR, PHP, MYR) despite risk aversion Bottom: Despite heavy US risk aversion #SP500, capital still flows into #EmergingMarkets, perhaps keeping these currencies afloat Stay tuned for my next ASEAN fundy! https://t.co/foDO6DGGNn
  • The Nikkei 225 fell beneath 23,000 as it moves to the midpoint of its rising channel. Get your #Nikkei market update from @PeterHanksFX here: https://t.co/zqEZiyD0Lm https://t.co/UxHlEM1Iv0
  • As promised⬇️ "#SP500 Teeters on Precipice as Trump Trails Biden in Swing States" https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/21/SP-500-Teeters-on-Precipice-as-Trump-Trails-Biden-in-Swing-States-.html https://t.co/AsFRCaHL2k
  • Recent pickup in volatility has been boosting the US Dollar Now, my majors-based #USD index seems to have formed a bullish Inverse Head and Shoulders pattern Could this finally be the turning point for the Greenback? Learn more about this pattern here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/head-and-shoulders-pattern.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gTO58ia3qV
NZD/USD Technical Analysis: 2-Month Low Hit, Deeper Drop Expected

NZD/USD Technical Analysis: 2-Month Low Hit, Deeper Drop Expected

2019-01-03 01:30:00
Ilya Spivak, Head Strategist, APAC
Share:

NZD/USD Technical Strategy: 0.6869

  • New Zealand Dollar aims to extend decline after hitting two-month low
  • Head and Shoulders topping pattern continues to point below 0.66 mark
  • Waiting for improved risk/reward parameters to add to short position

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

The New Zealand Dollar continues to sink against its US counterpart, hitting a two-month low after marking a top below the 0.70 figure with the appearance of an Evening Star candlestick pattern (as expected). A broader Head and Shoulders bearish reversal pattern implies a move below the 0.66 figure is in the cards.

For now, immediate support is in the 0.6619-0.6592 area. A break below that confirmed on a daily closing basis exposes the 0.65 figure next. Alternatively, a move back above support-turned-resistance in the 0.6686-0.6713 zone targets 0.6778, another former support reinforced by a falling trend line.

NZD/USD Technical Analysis: 2-Month Low Hit, Deeper Drop Expected

The short NZD/USD trade triggered at 0.6869 remains in play, aiming to capture downside follow-through. However, adding to the position seems unattractive from a risk/reward perspective at this point, with the pair sitting squarely atop near-term support.

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