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
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Gold prices appear to have fallen to oversold territory and may look for a technical rebound. An immediate support level can be found at US$ 1,750. https://t.co/kpHCe2aLth
  • Heads Up:🇷🇺 Markit Manufacturing PMI (NOV) due at 06:00 GMT (15min) Previous: 46.9 https://www.dailyfx.com/economic-calendar#2020-12-01
  • I mentioned before, but so far, the average seasonality for the $SPX is aligning to 2020's top months (April then November). This - along with record highs - will likely feed expectations for December: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/01/Dow-and-Dollar-Enter-December-with-Technical-Breaks-and-Temptation-.html https://t.co/5uICTgtHoA
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.17%, while traders in NZD/USD are at opposite extremes with 73.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HUeuen6CZW
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.33% 🇳🇿NZD: 0.32% 🇨🇦CAD: 0.31% 🇪🇺EUR: 0.26% 🇨🇭CHF: 0.20% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/haJtgLdWR1
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.86% Wall Street: 0.81% Germany 30: 0.50% FTSE 100: 0.13% France 40: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/X0IBWDdCcR
  • 🇮🇳 Markit Manufacturing PMI (NOV) Actual: 56.3 Expected: 57.3 Previous: 58.9 https://www.dailyfx.com/economic-calendar#2020-12-01
  • Learn why dividend stocks are favored by investors and why it might be the right choice for you here:https://t.co/VUsJFHBARb https://t.co/bv5Eu2Pnsp
  • Heads Up:🇮🇳 Markit Manufacturing PMI (NOV) due at 05:00 GMT (15min) Expected: 57.3 Previous: 58.9 https://www.dailyfx.com/economic-calendar#2020-12-01
  • Why short stocks? The answer to this question is multi-layered but in general, shorting stocks presents an opportunity trade a decline in a share’s price. Learn more here: https://t.co/2a2evVhhEM https://t.co/6btpCvVTt5
NZDUSD Chart Analysis: 19-Year Rising Trend May Come Undone

NZDUSD Chart Analysis: 19-Year Rising Trend May Come Undone

2019-05-24 05:00:00
Ilya Spivak, Head Strategist, APAC
Share:

NZDUSD Technical Strategy: BEARISH

  • NZD cautiously drifts to eight-month low near 0.65 figure vs. US Dollar
  • Daily close above near-term trend line needed to neutralize bearish bias
  • Monthly chart reveals prices are challenging 19-year trendline support

See our free trading guide to help build confidence in your NZDUSD trading strategy!

The New Zealand Dollar has drifted to an eight-month low against its US counterpart. Prices are now testing support in the 0.6476-0.6501 area, with a break below that confirmed on a daily closing basis opening the door for a challenge of the October 2018 swing bottom at 0.6425.

Resistance is marked by a falling trend line guiding NZDUSD lower since late March, now at 0.6546. A sustained break above this may neutralize near-term selling pressure, setting the stage for a retest of support-turned-resistance in the 0.6591-0.6619 zone.

NZDUSD chart - daily

Staid day-to-day price action masks the pivotal moment at hand however. Zooming out to the monthly chart reveals prices to be sitting squarely at support marking an almost 19-year rising trend. With just over a week left in the month, the threat of a breach confirmed on a closing basis seems acute.

Needless to say, this would mark a tectonic shift in the long-term NZDUSD trajectory. The next major inflection point is found just below the 0.60 figure, with subsequent weakness beyond that opening the possibility of a descent all the way to decade lows below the 0.49 threshold.

NZDUSD chart - monthly

NZDUSD 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