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
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • US President Trump weighing new trade probe to justify levying tariffs on EU, reports Politico $EURUSD
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.02% France 40: -0.02% Wall Street: -0.07% US 500: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lcyEhCEfsA
  • $USDJPY may be set for a larger pullback on the back of a deteriorating risk environment amid the potential failure in US-China trade talks. Get your market update from @JMcQueenFX here:https://t.co/UOGT5xRX9v https://t.co/JLXsn96FQY
  • Poll: We've had some upgrades in a few growth forecasts from around the world recently and tomorrow brings the Nov PMIs (AUS, JPN, EZ and US). What do you think is the risk of a recession in 2020?
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • staring now -> https://www.dailyfx.com/webinars/3952937094787220994?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/fk3MmFxalj
  • That was a fast reversal in crude oil positioning among retail CFDs yesterday. Not as heavy a build up in short as we pressure 58 https://www.dailyfx.com/sentiment?CHID=9&QPID=917719 https://t.co/m1YFe8PEsM
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.09%, while traders in France 40 are at opposite extremes with 82.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pxnhohjlR2
  • LIVE IN 15 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
NZD/USD Technical Analysis: Upswing May Offer Short Trade Setup

NZD/USD Technical Analysis: Upswing May Offer Short Trade Setup

2019-04-11 00:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

NZD/USD Technical Strategy: NEUTRAL

  • Kiwi Dollar snaps six-month support, hints downtrend is resuming
  • 4-hour wedge breakout warns of delay in downside follow-through
  • Structural bullish trend reversal needs a daily close above 0.6969

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

The New Zealand Dollar broke below rising trend line support guiding it higher since early October 2018. This suggests that the dominant downtrend against the US Dollar launched in April 2018 may be resuming. Near-term positioning hints downside follow-through may not materialize immediately however.

NZD/USD Technical Analysis: Upswing May Offer Short Trade Setup

The initial foray lower was rejected as prices bounced from now-familiar range support in the 0.6686-0.6721 area. Turning to the four-hour chart, the completing of a bullish Falling Wedge pattern seems to set the stage for an upswing to retest trend line support-turned-resistance.

New Zealand Dollar vs US Dollar chart - 4-hour

If the upswing stops at this boundary, sellers may be offered compelling risk/reward parameters for a short trade. An actionable setup would need a discernible reversal signal and subsequent confirmation on a breach of the near-term series of higher lows, established from the April 5 low.

Alternatively, a daily close back above the trend line – now at 0.6818 – would neutralize immediate selling pressure and put the top of the 2019 trading range back into focus. That is in the 0.6939-69 zone. Clearing that barrier would suggest a longer-term bullish trend reversal is afoot.

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.