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
  • 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
  • Tune in to @CVecchioFX 's #webinar at 7:30 AM ET/11:30 AM GMT for insight on major event risk in the week ahead. Register here: https://t.co/X8TIhpKxtF https://t.co/XBegqalOps
  • The latest sell-off is pushing the #FTSE 100 back down to an old area of support which may not hold if fresh COVID-19 are announced. While the old double-low at 5,850 has been broken before, Get your #FTSE market update from @nickcawley1 here:https://t.co/S0jrfnalZJ https://t.co/aFPsy1nuAA
  • Heads Up:🇺🇸 Fed Williams Speech due at 22:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-21
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 22:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-21
NZD/USD Technical Analysis: Down Trend Resumption at Hand?

NZD/USD Technical Analysis: Down Trend Resumption at Hand?

2019-04-17 01:00:00
Ilya Spivak, Head Strategist, APAC
Share:

NZD/USD Technical Strategy: NEUTRAL

  • New Zealand Dollar probes below 0.67 following soggy CPI figures
  • Confirmation still needed to make the case for downtrend resumption
  • Close above trend line from October’18 lows invalidates bearish bias

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

The New Zealand Dollar sank following disappointing CPI data, with prices on pace to register the largest drop in two weeks. A clear-cut breakout remains unconfirmed however as prices push up against support in the 0.6699-0.6727 area. This has been an important inflection region since July 2018.

A daily close below this barrier would strongly suggest that the downward trend against the US Dollar started in April 2018 is resuming and expose the next downside hurdle in the 0.6591-0.6619 zone. Neutralizing selling pressure probably needs a close above rising trend line support-turned-resistance, now at 0.6834.

In the meantime, traders may judge current positioning as unattractive for an actionable trade. On one hand, a short seems ill-advised from a risk/reward perspective as prices sit squarely at support. On the other, the absence of compelling evidence for a bullish reversal hints that taking up the long side is premature.

New Zealand Dollar vs US Dollar chart - daily

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