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
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
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
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
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
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
  • $GBPUSD posts impressive Q2 recovery, however, what upside challenges lie ahead in Q3? Download our #GBP trading guide to find out: https://t.co/ZE0yjc6wdQ https://t.co/bFa90VJYor
New Zealand Dollar Price Outlook: Kiwi Stalls at Key Resistance Zone

New Zealand Dollar Price Outlook: Kiwi Stalls at Key Resistance Zone

2020-06-17 15:30:00
Michael Boutros, Strategist
Share:

New Zealand Dollar Technical Price Outlook: NZD/USD Weekly Trade Levels

The New Zealand Dollar has rallied a full 20% off the yearly lows with the advance now approaching a critical zone of slope resistance for both the near-term uptrend and the longer-term downtrend. The focus is on a reaction up here with the recent advance vulnerable while below. These are the updated targets and invalidation levels that matter on the NZD/USD weekly price chart heading into the RBNZ tomorrow. Review my latest Strategy Webinar for an in-depth breakdown of this Kiwitrade setup and more.

Starts in:
Live now:
Jul 06
( 12:07 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

New Zealand Dollar Price Chart – NZD/USD Weekly

New Zealand Dollar Price Chart - NZD/USD Weekly - Kiwi Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; NZD/USD on Tradingview

Notes: The advance off the yearly lows has carved out an ascending channel formation with Kiwi turning last week off confluence slope resistance. Key resistance stands just higher at the 100% extension of the March rally at 6628 – look for a reaction there IF reached with a breach above keeping the focus on the 2019 open at 6705 and the July high-week close at 6760. Initial support rests at the 2019 low-week close at 6313 backed by the 2015 low at 6197- we’ll reserve this threshold as our bullish invalidation level with a break / close below needed to mark resumption of the broader downtrend.

Forex for Beginners
Forex for Beginners
Recommended by Michael Boutros
New to Forex Trading? Get started with this Beginners Guide
Get My Guide

Bottom line: The New Zealand Dollar rally is testing confluence slope resistance here and leaves the medium-term long-bias vulnerable while below. From a trading standpoint, look to reduce long-exposure on stretch towards 6628 with a breach above 6760 ultimately needed to suggest a larger trend reversal is underway. A pullback in price may offer more favorable long-entries closer to uptrend support- be on the lookout for downside exhaustion ahead of 6200 IF price is heading higher. Keep in mind the RBNZ interest rate decision is on tap tomorrow - I’ll publish an updated New Zealand Dollar Price Outlook once we get further clarity on the near-term NZD/USD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

New Zealand Dollar Trader Sentiment – NZD/USD Price Chart

New Zealand Dollar Trader Sentiment - NZD/USD Price Chart - Kiwi Trad Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short NZD/USD - the ratio stands at -2.16 (31.62% of traders are long) – bullish reading
  • Long positions are6.57% lower than yesterday and 27.45% lower from last week
  • Short positions are 4.99% higher than yesterday and 0.50% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZD/USD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias from a sentiment standpoint.
NZD/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 11% 2% 5%
Weekly -1% 42% 25%
Learn how shifts in Kiwi retail positioning impact trend
Get My Guide

Key New Zealand / US Economic Releases

Key New Zealand / US Economic Releases - NZDUSD Economic Calendar - Kiwi Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.