Important NZD Pairs’ Technical Overview: 05.07.2017

NZD/USD

NZDUSD’s latest break of month-old ascending trend-line signals brighter chances for the pair’s drop to 0.7230, 0.7200 and the 0.7185 consecutive support-levels. Given the pair’s sustained downturn after 0.7185, the 0.7145 and the 0.7100 round-figure might offer following rests to the prices. On the upside, the 0.7300, the 0.7330 and the 0.7340-45 can keep limiting the pair’s near-term advances, which if broken opens the door for the quote’s upward trajectory towards 61.8% FE level of 0.7365 and then to the 0.7420. In case of pair’s successful trading beyond 0.7420, it becomes capable enough to challenge 2016 high of 0.7483.

EUR/NZD

Having failed to extend its recovery beyond 1.5710, the EURNZD witnessed repeated bounces from 1.5530-40 horizontal-line; however, a month-old descending trend-line, at 1.5675, now becomes an added boundary for the pair to clear. At present, the pair is aiming to re-test the 1.5540-30 support-zone, breaking which 1.5475 and the 1.5400 are likely following rests that it could avail before visiting the 1.5315 and the June-month low around 1.5230. Should there be further downside by the pair after 1.5230, it becomes vulnerable to plunge towards the 61.8% FE level of 1.5090. Meanwhile, an upside break above 1.5675 enables the quote to challenge the 1.5735-40 and the 1.5800 resistances, surpassing which 1.5850 and 1.5900 could entertain buyers. Given the Bulls’ dominance after 1.5900, the 1.6020 and the 1.6080 become wise to expect while being long.

NZD/CAD

NZDCAD is currently struggling with 1.9410-15 horizontal-support with oversold RSI favoring its pullback; however, an immediate descending trend-line, at 0.9440, could confine the pair’s upside. Should the quote continue extending it’s south-run and breaks 0.9410, an upward slanting TL support of 0.9370 and the 0.9340 can act as buffers prior to dragging it to the April lows of 0.9315. If at all the pair manages break the 0.9440 TL resistance, it’s quick surge to 0.9465 and then to the 0.9500 can’t be denied. During the pair’s additional up-moves after 0.9500, the 0.9530, the 0.9545 and the 0.9590 could become expected barriers ahead of targeting 0.9630-40 multiple resistance-region.

NZD/CHF

Even after bouncing-off from a month-old ascending trend-line, the NZDCHF’s immediate moves are being confined by 0.7040 horizontal-line, which if broken could help traders to watch 0.7090 and the June high around 0.7140. Given the NZD strength propel prices beyond 0.7140, 61.8% FE level of 0.7210 might gain importance. Alternatively, 0.7000 psychological magnet and the mentioned TL support of 0.6975 seems strong adjacent supports for the pair, breaking which 0.6940 horizontal-line becomes crucial. Should Bears push the quote below 0.6940, sellers can witness 0.6900 and the 0.6830 supports’ come-back.

Cheers and Safe Trading,
Anil Panchal