FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
NZD/USD

The New Zealand Dollar was pressured on Friday by higher-than-expected U.S. producer prices. The news drove up U.S. Treasury yields, which made the U.S. Dollar a more attractive investment. Kiwi traders also had mixed feelings about the strength of the economy. Earlier in the week, the Preliminary ANZ Business Confidence report came in at -8.4, worse than previously revised number at -4.1.

On Friday, the NZD/USD settled at .7035, down 0.0026 or -0.37%.

Advertisement
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 NZD/USD

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through .7070 will signal a resumption of the uptrend. The main trend changes to down on a move through .6945.

The minor range is .6943 to .7070. Its 50% level at .6995 is support.

The main range is .6589 to .7465. Traders built a support base at .6943 and .6945 inside its retracement zone at .7027 to .6934.

The short-term range is .7270 to .6943. Its retracement zone at .7107 to .7145 is potential resistance.

Advertisement

Daily Swing Chart Technical Forecast

The direction of the NZD/USD early Monday is likely to be determined by trader reaction to .7027.

Bullish Scenario

A sustained move over .7027 will indicate the presence of buyers. This could trigger a surge into .7070. Taking out this level will indicate the buying is getting stronger with .7107 to .7145 the next likely upside target area.

Bearish Scenario

A sustained move under .7027 will signal the presence of sellers. The first downside target is .6995. If this level fails then look for the selling to possibly extend into the pair of bottoms at .6945 to .6943, followed by the main Fibonacci level at .6924.

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