NZD/USD Forex Technical Analysis – April 24, 2019 Forecast

Based on the early price action, the direction of the NZD/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at .6640.
James Hyerczyk
New Zealand Dollars

The New Zealand Dollar is under pressure on Wednesday as traders continue to price in a Reserve Bank interest rate cut for May after Australian data showed inflation slowed sharply last quarter. The Kiwi is also being pressured by a stronger U.S. Dollar, which rose sharply on Tuesday after upbeat U.S. economic data and earnings reduced concerns about a possible economic slowdown and helped stoke appetite for the greenback.

At 04:02 GMT, the NZD/USD is trading .6616, down 0.0043 or -0.64%.


Daily Technical Analysis

The main trend is down according to the daily swing chart. The next downside target is the January 3 main bottom at .6591. The main trend will change to up on a trade through .6784. A change in trend to up is highly unlikely, but the NZD/USD is down seven sessions from the last main top so it is in the window of time for a closing price reversal bottom.

The main range is .6591 to .6943. Its retracement zone at .6726 to .6767 is resistance.

Daily Technical Forecast

Based on the early price action, the direction of the NZD/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at .6640.

Bullish Scenario

Overtaking and sustaining a move over .6640 will signal the return of buyers. If this creates enough upside momentum then look for a potential rally into a pair of downtrending angles at .6690 and .6699. Since the main trend is down, look for sellers to come in on a test of this area.

Bearish Scenario

A sustained move under .6640 will indicate the presence of sellers. If the downside momentum continues to increase then look for the selling to possibly extend into the main bottom at .6591. This price is a potential trigger point for an acceleration to the downside. The next major downside target is the October 16, 2018 main bottom at .6465.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.