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
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
Oil - US Crude
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
Wall Street
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/Jf96VhFDOp
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/Rjfdv8jLQV
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/a6qsFOcPUl
  • Build your USD/JPY trading strategy by honing your trading skills. Get your free insight here: https://t.co/hgVq7LwTSH https://t.co/xXZYbWqEwP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/HUaCpOPird
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hx1251BmAZ
  • @ddubrovskyFX Congrats Daniel!
  • After a week of roaring economic updates that failed to gain meaningful market traction; I am look to US inflation/rates, US-China trade relations and earnings in the week ahead to charge $SPX and $DXY. My outlook for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/10/SP-500-Outlook-Carries-Risk-Trends-Dollar-Event-Heavy-on-USDJPY-USDCNH.html https://t.co/F9XkNl8Ks4
  • The Indian Rupee rose as the Nifty 50 slightly fell after the RBI left benchmark rates unchanged despite recent weakening inflation and a massive fiscal spending plan. Will USD/INR bounce? Find out from @ddubrovskyFX here:https://t.co/SwufKMOwfQ https://t.co/rfn4KRGUgl
  • Retail traders appear to be reducing long exposure in the Euro after recent gains. This hints that EUR/USD and EUR/JPY may rise in the near term, but could this trend last down the road? Find out from @ddubrovskyFX here:https://t.co/Y1d4DXeKEE https://t.co/oUv4y0TPq3
NZD/USD Technical Analysis: NZ Dollar Set to Test Below 0.60?

NZD/USD Technical Analysis: NZ Dollar Set to Test Below 0.60?

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical ANALYSIS: BEARISH

  • New Zealand Dollar six-week uptrend broken, sellers poised to lead
  • Another challenge of 4-year lows near 0.62 figure looks likely ahead
  • Downtrend dynamics hint a drop toward 0.60 level may be brewing

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

The New Zealand Dollar appears to be resuming the downward trend against its US namesake after rejection at resistance in the 0.6425-41 area. Prices have broken below rising trend support guiding the rise from early October lows, signaling that a six-week corrective upswing has run its course.

From here, sellers appear poised to challenge the August-September 2015 bottom in the 0.6197-0.6268 zone once again. If the next leg of the structural down move falls broadly in line with the trend average, a decline of 7-9 percent over the coming 3-5 months might be in the cards.

NZD/USD Technical Analysis: NZ Dollar Set to Test Below 0.60?

Daily NZD/USD chart created using TradingView

That would put prices near the 0.60 figure, amounting to the weakest level in over a decade. That would put them within a hair of breaching the lower bound of a chart inflection zone in play since March 2003, at 0.5914. Breaking that threshold leaves relatively few barriers remaining along the way to the 0.50 figure.

New Zealand Dollar vs US Dollar price chart - 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