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
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
More View more
Real Time News
  • RT @globaltimesnews: A total of 1,052 cases of #coronavirus have been reported as of Jan 25 in #Hubei Province, with 129 in critical condit…
  • RT @FactSet: $SPX is reporting revenue growth of 2.9% for Q4, led by the Health Care (11%), Utilities (9%), and Communication Services (9%)…
  • The AUD has been hit by the risk-appetite pullback occasioned by the spread of Wuhan-strain coronavirus. This week may see domestic focus return, if headlines allow, with key inflation data due. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/UIpwno0pSq https://t.co/kib4d1mA0q
  • RT @anilvohra69: USD inverted (red) is correlated to Excess Reserves (blue) and Reserve Balances (green). 1/2 https://t.co/bbO1pPWY4F
  • RT @FactSet: $SPX is reporting a decline in earnings of -1.9% for Q4, led by the Energy (-42%), Consumer Discretionary (-14%), and Material…
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/6iMyDFqnqe
  • 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/2mjzvYvgSn
  • Previewing the Texas Rangers new home! https://t.co/WITZGSQPlc
  • Thanks for having me on @MartinSEssex https://t.co/fg8uOe16wr
  • The MACD is often used with its default setting when entering trades. However, this versatile indicator can be customized to assist traders in exiting trades too. Learn how to better incorporate the MACD into your trading strategy here: https://t.co/HnY7gzsI2q https://t.co/5F1DSvAXyy
NZDUSD Technical Analysis: One-Month Uptrend Broken. Now What?

NZDUSD Technical Analysis: One-Month Uptrend Broken. Now What?

2019-07-09 01:30:00
Ilya Spivak, Sr. Currency Strategist


  • New Zealand Dollar marks swing top with Bearish Engulfing pattern
  • Break of uptrend from mid-June lows points to near-term bias change
  • Risk/reward improvement probably needed to inspire follow-through

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

The New Zealand Dollar turned lower against its US counterpart after producing a Bearish Engulfing candlestick pattern, as expected. Sellers now target support in the 0.6575-91 area, with a break below that confirmed on a daily closing basis exposing the 0.6476-0.6501 zone. Resistance begins at 0.6653 runs upward through a dense bloc of overlapping barriers through 0.6727.

New Zealand Dollar vs US Dollar price chart - daily

Zooming in to the four-chart reveals a critical big of evidence supporting the case for downside follow-through. Prices have broken well-defined support guiding NZDUSD higher since mid-June, pointing to a palpable change in the prevailing near-term trend and adding a sense of bearish immediacy. Rejection at former support above 0.66 following the breakdown hints at further reinforcement.

NZDUSD Technical Analysis: One-Month Uptrend Broken. Now What?

With this in mind, prices are sitting in close proximity to immediate support, which might undercut the risk/reward case for establishing new short exposure. This might mean that the next sizable leg lower will require either a pull-up to improve relative positioning or further breakdown. The fundamental landscape seems to set the stage for the latter as markets ponder key event risk shaping Fed policy bets.


--- 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.


News & Analysis at your fingertips.