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. See our updated Privacy Policy here.

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
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.21% US 500: 0.05% Wall Street: 0.04% Germany 30: -0.05% France 40: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/win11T070W
  • $GBPUSD with quite the run after last week's 1.4000 test now closing in on three-year-highs https://t.co/KNn3Fu7Dd0 https://t.co/i0QwvlXMB5
  • 🇺🇸 Housing Starts MoM (APR) Actual: -9.5% Previous: 19.8% https://www.dailyfx.com/economic-calendar#2021-05-18
  • 🇺🇸 Building Permits MoM (APR) Actual: 0.3% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-05-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.73%, while traders in Germany 30 are at opposite extremes with 70.35%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SwH1S3xkva
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/G81KIYTKId
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.80% 🇨🇭CHF: 0.70% 🇪🇺EUR: 0.57% 🇬🇧GBP: 0.54% 🇨🇦CAD: 0.36% 🇯🇵JPY: 0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/xPQIBT6LVV
  • Heads Up:🇺🇸 Housing Starts MoM (APR) due at 12:30 GMT (15min) Previous: 19.4% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Heads Up:🇺🇸 Building Permits MoM (APR) due at 12:30 GMT (15min) Previous: 2.7% https://www.dailyfx.com/economic-calendar#2021-05-18
  • $USD breakdown, taking out the 90 level, fresh two month lows. next support potential on my chart is the feb swing at 89.68, after which the 3 year low comes into play at 89.20 https://t.co/B5IMOd9QDf
NZDUSD Technical Analysis: Is Kiwi Dollar Ready to Turn Lower?

NZDUSD Technical Analysis: Is Kiwi Dollar Ready to Turn Lower?

Ilya Spivak, Head Strategist, APAC

NZDUSD Technical ANALYSIS: NEUTRAL

  • New Zealand Dollar rejected at chart resistance near three-month high
  • Bearish Engulfing candlestick pattern hints a top may have been formed
  • Confirmation of reversal needs break of rising trend line from mid-June

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

The New Zealand Dollar put in a Bearish Engulfing candlestick pattern on a retest of support-turned-resistance in the 0.6699-0.6727 area, hinting that the upswing of mid-June lows may have topped. Initial support line in the 0.6653-73 zone, with a break below that on a daily closing basis opening the door for another challenge of the 0.6575-91 region.

NZDUSD Technical Analysis: Is Kiwi Dollar Ready to Turn Lower?

A look at more immediate positioning on the four-hour chart warns against overextrapolation however. Prices are resting at rising trendline support defining the bounds of the latest upside foray, warning that a convincing reversal is yet to be confirmed. Indeed, a bounce from support may yet materialize, with a push above the 0.6682-85 price band putting the June high at 0.6727 back in focus.

New Zealand Dollar vs US Dollar chart - 4 hour

On balance, this makes for conflicted direction cues and hints that traders might opt against showing strong commitment one way or another until greater clarity can be had. A break below trend support – now at 0.6645 – would begin to resolve the matter in sellers’ favor. Alternatively, a daily close above last month’s swing top would invalidate topping cues and set the stage for upward continuation.

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