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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • What is your forex trading style? Take the quiz and find out:
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment.
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium
NZD/USD Technical Analysis: NZ Dollar Rejected at 2020 Trend Top?

NZD/USD Technical Analysis: NZ Dollar Rejected at 2020 Trend Top?

Ilya Spivak, Head Strategist, APAC


  • New Zealand Dollar rebound rejected at 2020 downtrend resistance
  • Downside extension would see initial support above the 0.58 figure
  • Trader sentiment studies hint NZD/USD selling pressure building

The New Zealand Dollar appears to be trying to restart the downtrend prevailing against its US counterpart since the beginning of the year after rejection at resistance marking the move’s upper bound. An earlier attempt at bearish resumption two weeks ago failed to find follow-through but the subsequent recovery has likewise struggled to build lasting momentum.

Confirmation of a break below immediate resistance-turned-support at 0.6069 on a daily closing basis would likewise mark the breach of counter-trend support defining the upswing from the March 19 low. That may mean that a corrective upswing has run its course and the broader depreciation has resumed. Sellers then seem likely to challenge the April 3 swing low at 0.5844.

New Zealand Dollar vs US Dollar price chart - daily

NZD/USD daily chart created using TradingView

Establishing a foothold above falling trend line resistance seems like a prerequisite for neutralizing near-term selling pressure. Such a move would be promptly met with support-turned-resistance in the 0.6197-0.6245 zone. Overcoming that would likely put in play a series of back-to-back upside barriers running up toward the 0.65 figure, on route to the structural downtrend top set form July 2017.


Retail sentiment data shows 60.45%of traders are net-long, with the long-to-short ratio at 1.53 to 1. IG Client Sentiment(IGCS) is typically used as a contrarian indicator, soretail traders being net-long suggests that NZD/USD is biased downward. Furthermore, the net-long skew in open exposure has tilted further to the net-long side over the past week, hinting that selling pressure may become more acute ahead.

New Zealand Dollar vs US Dollar price, trader sentiment

See the full IGCS sentiment report here.


--- Written by Ilya Spivak, Currency Strategist for

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.