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
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
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • RT @onlyyoontv: Chatted China’s take on DC trade talks and, @SullyCNBC— as I mentioned, Tencent has started broadcasting @NBA games again!…
  • BoE's Cunliffe says Brexit uncertainty has weighed on investment, adds that even if we get a Brexit transition deal, still do not know what the final trading relationship will be $GBP
  • .@DailyFX has just launched our new Worldwide Commodities Infographic. Be sure to check it out here to track major geopolitical players as well as live market prices -> https://www.dailyfx.com/research/global-commodities https://t.co/gUmzIfJReN
  • RT @TeddyVallee: *CHINA TO STRICTLY PROTECT IP RIGHTS, PREMIER LI SAYS
  • RT @onlyyoontv: When asked about next steps, @stevenmnuchin1 tells @CNBC: 1) deputy level calls this week 2) top negotiators’ (Lighthizer,…
  • Join @JWagnerFXTrader 's #webinar at 9:30 AM ET/1:30 PM GMT at the US market opening bell. Register here: https://t.co/9pXwJzGj54 https://t.co/Sf3agAblgC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.65%, while traders in France 40 are at opposite extremes with 78.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kGUMnZ2Fwv
  • LIVE NOW: Join Technical Strategist @MBForex to review the setups he's tracking this week in his Weekly Strategy Webinar! https://t.co/dFw88WP8eH
  • BoE's Cunliffe says any future rate increases are likely to be limited and gradual $GBP
  • RT @kaylatausche: Sec. Mnuchin tells @CNBC that the Dec. 15 tariffs will go into effect if there is no deal signed with China, but: "I ex…
NZD/USD Technical Analysis: Sellers in Control, 4-Year Floor Eyed

NZD/USD Technical Analysis: Sellers in Control, 4-Year Floor Eyed

2019-09-19 06:58:00
Ilya Spivak, Sr. Currency Strategist
Share:

NZD/USD Technical ANALYSIS: BEARISH

  • New Zealand Dollar recoils from resistance, eyeing 4-year bottom
  • Back-to-back support levels hinting at a grind on route below 0.62
  • Longer-term technical setup still argues for a broadly bearish bias

Get help building confidence in your NZD/USD strategy with our free trading guide!

The New Zealand Dollar fell after a brisk rebound lost momentum on a retest of support-turned-resistance in the 0.6425-41 area, as expected. The subsequent selloff has brought prices within striking distance of major support marked by the August-September 2015 bottom in the 0.6197-6268 area.

This barrier is reinforced by Fibonacci expansion levels at 0.6252 and 0.6190. A daily close below the latter level initially exposes the 61.8% Fib at 0.6129. Alternatively, a turn back above the 23.6% expansion at 0.6328 puts resistance in the 0.6425-41 zone back in focus.

NZD/USD Technical Analysis: Sellers in Control, 4-Year Floor Eyed

Daily NZD/USD chart created using TradingView

While sellers seem to have their work cut out for them as back-to-back support levels threaten to stymie progress, longer-term positioning still argues for a decidedly bearish bias. The monthly chart reveals NZD/USD finished August with a break of support guiding it higher for nearly two decades.

That speaks to a structural, tectonic pivot in favor of the downside. A formidable barrier looks to be clustered around the 0.60 figure and will need to be reckoned with. Beyond that however, there seem to be relatively few barriers on route below the 0.50 mark to test the 2009 post-Great Recession low.

New Zealand Dollar vs US Dollar - monthly

Monthly NZD/USD chart created using TradingView

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.