NZD/USD Technical Analysis ? Is a Larger Downturn Ahead?
Here you can find all the latest breaking forex and currency news about NZD/USD Technical Analysis ? Is a Larger Downturn Ahead? including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.8667-75 (Apr’13 high, 23.6% Fib exp.), 0.8513 (Oct 22 close)
- Resistance: 0.8762 (38.2% Fib exp.), 0.8839 (50% Fib exp.)
The New Zealand may be signaling a reversal lower is ahead against its US counterpart after prices completed a bearish Dark Cloud Cover candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. Sellers are testing resistance-turned-support in the in the 0.8667-75 area, marked by the April’13 high and the 23.6% Fib. A break below this boundary initially exposes the October’13 top at 0.8513. Near-term resistance is at 0.8762, the 38.2% Fib, with a push above that eyeing the 50% expansion at 0.8839.
Prices are too close to relevant support to justify selling the pair at current levels from a risk/reward perspective. We will stand aside for now, waiting for confirmation of a breakdown to pull the trigger on a short position.
Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
The article above is about breaking forex and currency news regarding NZD/USD Technical Analysis ? Is a Larger Downturn Ahead?, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- Japanese Yen Gains, Nikkei Falls as BOJ Leaves Policy Unchanged
- Chinese Business Sentiment Contracts for the First Time in 4 Months
- Dismal UK Retail Sales to Spur Another Test of GBP/USD Resilience
- Forex-Webinar:-FOMC-Minutes-Reinforce-Hike-Forecast
- Trading Video: Dollar Fails to Rally on Hawkish FOMC, Equities Rally
- Among Top Themes, Where is the Risk Most Potent: Fed Hike, China, EM?
- EUR/USD Technical Analysis: Looking to Short on Bounce
- US Dollar Declines as FOMC Minutes Bring Nothing New to the Table
- US DOLLAR Technical Analysis: USD Holds Support on FOMC Minutes
- WTI Crude Oil Price Forecast: What Now That $40bbl Broke?
- Fingertrp Scalping with James Stanley (Using Tradingview Charts)
- EUR/USD Risks Fresh Monthly Lows on Hawkish FOMC Minutes
- Analyst Pick - Kiwi & CAD in Focus
- Price & Time: USD/CAD ? It?s Showtime
- GBP/USD Ranges Ahead of FOMC Minutes
- President Xi Warns That China Faces Considerable Downward Pressure
- FOMC Minutes Later Today - USD Set for October 28 Redux
- Silver Price Is Targeting Its Yearly Low
- FTSE 100: Commodity Markets Wants to See The FTSE 100 at 6040
- DAX 30: Momentum Slows Down, FOMC Minutes on Tap
- US Dollar May Extend Gains as Fed Minutes Foreshadow Rate Hike
- Copper Surplus Faces Falling Premiums; Gold Slides before Fed Minutes
- China Real Estate Market Recovery Slows in October
- Traders Not as Confident of Fed Hike as Markets, Economists
- EUR/GBP Technical Analysis: Euro Drops to 3-Month Low
- Dollar Unmoved After China Treasury Holdings Hit a 7 Month Low
- Can Dollar Climb Continue After FOMC Forecast Shift?
- Dollar’s CPI Rally Lacking, Stall in Risk Raises Yen Crosses Appeal
- NZD/USD Technical Analysis: Short Trade Activated Sub-0.65
- Will the DAX Crack or Cower from Resistance?