NZD/USD Technical Analysis ? Opting to Wait for Short Setup
Here you can find all the latest breaking forex and currency news about NZD/USD Technical Analysis ? Opting to Wait for Short Setup 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: 0.8558 (trend line), 0.8513 (Oct 22 close)
- Resistance: 0.8656 (14.6% Fib exp.), 0.8718 (23.6% Fib exp.)
The New Zealand turned lower against its US counterpart as expected after completing a bearish Dark Cloud Cover candlestick pattern. A recovery from rising trend line support in play since mid-March sees initial resistance at 0.8656, the 14.6% Fibonacci expansion. A break above that on a daily closing basis exposes the 23.6% level at 0.8718. Alternatively, a move below the trend line (now at 0.8558) aims for the October 22 close at 0.8513.
Risk/reward conditions allow for a long position but we will tactically opt against the trade. Today’s RBNZ monetary policy statement seemed to suggest that the level of the exchange rate will be considered in setting future policy, which presumably suggests that appreciation will undermine the case for further rate hikes. That undermines policy support for the Kiwi and we prefer to wait for a viable selling opportunity rather than betting on the upside.
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 ? Opting to Wait for Short Setup, 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?