James Hyerczyk
Add to Bookmarks

The New Zealand Dollar is trading lower late in the session on Friday as trader squared positions ahead of the weekend after driving the Forex pair into its highest level since March 22. The Kiwi was pressured during the session by a slight rebound in U.S. Treasury yields.

At 20:49 GMT, the NZD/USD is trading .7143, down 0.0027 or -0.38%.

Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.


Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through .7180 will signal a resumption of the uptrend. A move through .6997 will change the main trend to down.

The minor trend is also up. A new minor top was formed at .7180.

The main range is .7465 to .6943. Its retracement zone at .7204 to .7266 is potential resistance. This zone is also controlling the near-term direction of the NZD/USD.

The short-term range is .7270 to .6943. The Forex pair is currently trading on the strong side of its retracement zone at .7145 to .7106. This is helping to generate a slight upside bias. It’s also potential support.

The major support is the retracement zone at .7027 to .6924. This zone stopped the selling at .6945 and .6943 on April 1 and March 25, respectively.


Short-Term Outlook

The direction of the NZD/USD into the close on Friday will be determined by trader reaction to the short-term Fibonacci level at .7145.

Bullish Scenario

A sustained move over .7145 will indicate the presence of buyers. The first target is the minor top at .7180. Taking out this level could extend the rally into the main retracement zone at .7204 to .7266. Look for sellers on the first test of this zone. Overcoming .7266 could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under .7145 will signal the presence of sellers. This could trigger a late session drop into the short-term 50% level at .7106. This is a potential trigger point for an acceleration to the downside.

For a look at all of today’s economic events, check out our economic calendar.

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

Trade With A Regulated Broker