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
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
NZD/USD Technical Analysis: Key Kiwi Dollar Support at Risk

NZD/USD Technical Analysis: Key Kiwi Dollar Support at Risk

2020-01-14 02:00:00
Ilya Spivak, Sr. Currency Strategist
Share:

NZD/USD Technical ANALYSIS: BEARISH

  • New Zealand Dollar inching toward a test of 3-monh trend support
  • Confirmed breakdown may mark start of bearish trend resumption
  • Long-term chart setup seems tilted to favor a broadly bearish bias

The New Zealand Dollar is grinding lower as expected after producing a Shooting Star candlestick at bearish trend resistance set from July 2017. A break below support defining December’s month-long rise has now been followed by a breach of former resistance at 0.6636, seemingly setting the stage for a challenge of the upward-sloping barrier defining the recovery from late-September lows.

How prices behave at this barrier might prove trend-defining. If buyers manage to defend it, another foray higher to test the bounds of the long-term downtrend may follow. A break below it – with confirmation on a daily closing basis – would suggest that a corrective rise has been exhausted and set the stage for bearish resumption. A dense support block in the 0.6425-96 region follows immediately thereafter.

NZD/USD Technical Analysis: Key Kiwi Dollar Support at Risk

Daily NZD/USD chart created using TradingView

Top Trading Opportunities in 2020
Top Trading Opportunities in 2020
Recommended by Ilya Spivak
Get Your Free Top Trading Opportunities Forecast
Get My Guide

A look at longer-term positioning on the monthly chart seemingly suggests the path of least resistance favors the downside. Recent NZD/USD gains appear as a retracement after the pair broke the bounds a nearly two-decade-long advance and landed atop the long-standing 0.5914-0.6197 congestion zone. With key resistance having now held up to retest in December, the time to re-engage the trend may reasonably be at hand.

Please add a description for the image.

Monthly NZD/USD chart created using TradingView

NZD/USD TRADER SENTIMENT

NZD/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% -3% -2%
Weekly 26% -10% 4%
What does it mean for price action?
Get My Guide

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.