Important NZD Pairs’ Technical Overview: 17.08.2017

NZD/USD

While the two-month old ascending trend-line has been restricting the NZDUSD’s downside, 50-day SMA confines the pair’s up-moves off-late. At the moment, inability to surpass the 0.7325 SMA figure during early-morning might fetch the pair to 0.7260 and then to the 0.7230 TL support. In case if the quote closes below 0.7230, the 0.7170 and the 100-day SMA level of 0.7150 become important for traders to watch, breaking which 0.7100 and the 0.7040 should be observed afterwards. On the contrary, a daily close above 0.7325 enables prices to aim 0.7350, 0.7370 and the 0.7400 consecutive resistances. Moreover, pair’s sustained trading above 0.7400 can help Buyers target 0.7460 and the 0.7525 ahead of propelling them to wish for July high around 0.7560.

GBP/NZD

With the GBPNZD’s latest failure to extend pullbacks from 1.7600–1.7590 horizontal-line, chances of the pair’s 1.7590 re-test are high, breaking which 1.7540 and the 1.7500 can appear on the chart. Should the pair drops below 1.7500, the 1.7450 and the 1.7415 can offer intermediate halts to it ahead of fetching it to 1.7390-85 area, which holds the gate for the pair’s downturn to June low, around 1.7415. If at all the pair manages to sustain its recovery, the 1.7690, the 1.7715 and the 1.7750 are likely adjacent resistance to take care of. However, pair’s upside beyond 1.7750 may only have 1.7815 to clear before the month-old descending trend-line, at 1.7875, comes into play.

NZD/CAD

NZDCAD is presently trading around July lows and might drop further considering the CAD strength; though, the pair has very limited downside, till 61.8% FE level of 0.9180 before three-week long channel-support, at 0.9170, could give rise to its pullback. Given the quote’s additional weakness below 0.9170, chances of its plunge to 0.9130 and the 0.9100 can’t be denied. Alternatively, the 0.9245, the 0.9270 and the channel-resistance number of 0.9300 are likely immediate resistances that can limit the pair’s recovery. Should prices rally beyond 0.9300, it seems wise to target 0.9385 and the 0.9415 numbers towards north.

NZD/CHF

Following its U-turn from an immediate upward slanting trend-line, the NZDCHF seems all set to meet 0.7085 resistance-mark before confronting the 0.7115 horizontal-line and the 0.7130 descending TL. If the quote clears 0.7130, the 0.7150 and the 0.7165 may act as barriers during its rally to 0.7190 and the 0.7220. Meanwhile, a downside break of 0.7040 TL support can fetch the pair to the 0.7000 psychological magnet prior to fetching it towards 0.6970 and the July low around 0.6950-45. Further, pair’s additional south-run after 0.6945 can rejuvenate the hopes to witness 0.6920 and the 0.6900 on the chart.

Cheers and Safe Trading,
Anil Panchal