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
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
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 3.23% Gold: 1.67% Oil - US Crude: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EOQKtjK8EG
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.29% 🇨🇦CAD: 0.23% 🇬🇧GBP: 0.12% 🇦🇺AUD: 0.05% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eI4xtkV6Gd
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.55% Wall Street: 1.19% US 500: 1.15% Germany 30: 0.73% France 40: 0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UwXqB3FED1
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/lpeiULx9Wq
  • #Gold prices recovering lost ground after collapsing to the lowest levels in over 4 months Breaking back above the 200-DMA (1799) could inspire a more extended rally and bring the September low (1848) into play. #XAUUSD #bullion https://t.co/npQWLB7Ywo https://t.co/EGbqmv2bjp
  • 💶 Inflation Rate YoY Flash (NOV) Actual: -0.3% Expected: -0.2% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 💶 Core Inflation Rate YoY Flash (NOV) Actual: 0.2% Expected: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 💶 Inflation Rate MoM Flash (NOV) Actual: -0.3% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 💶 Core Inflation Rate YoY Flash (NOV) Actual: 0.2 Expected: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 💶 Inflation Rate YoY Flash (NOV) Actual: -0.3 Expected: -0.2% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-12-01
NZD/USD Technical Analysis: NZ Dollar Rebound in the Works?

NZD/USD Technical Analysis: NZ Dollar Rebound in the Works?

2020-02-05 06:00:00
Ilya Spivak, Head Strategist, APAC
Share:

NZD/USD Technical ANALYSIS: BEARISH

  • New Zealand Dollar steadies after dropping to 2-month low vs. USD
  • Bullish Morning Star candlestick setup hints a bounce may be on tap
  • Overall chart positioning continues to favor a broadly bearish bias

The New Zealand Dollar is idling in digestion mode having managed a tepid recovery against its US counterpart. The rise comes after the currency slid to a 2-month low having topped above the 0.67 figure and pushed through uptrend support established from October lows (as expected).

On one hand, the rise kept the NZD/USD conspicuously locked within the 0.6425-96 congestion area, painting the rise as corrective within the context of a larger selloff. On the other, it was produced a bullish Morning Star candlestick pattern, which may precede a larger reversal upward.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Ilya Spivak
Traits of Successful Traders
Get My Guide

A daily close back above 0.6496 looks like it would set the stage for prices to extend upward for a challenge bounds of the 2020 downtrend. That is marked by a falling trend line set from the December 30 high, now at 0.6573. This threshold is reinforced by long-term resistance establishing the decline from July 2017.

Alternatively, a turn lower that establishes a foothold below 0.6425 probably targets the 0.6322-36 inflection region next. Below that, NZD/USD sellers face a potent hurdle marked by the 2015 price floor in the 0.6197-0.6245 zone.

New Zealand Dollar vs US Dollar price chart - daily

NZD/USD daily chart created using TradingView

NZD/USD TRADER SENTIMENT

NZD/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -2% 10% 7%
Weekly 9% 13% 12%
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