Technical Checks For Important NZD Pairs: 11.04.2018

NZD/USD

NZDUSD’s U-turn from 0.7345 horizontal-line again fuels the pair towards confronting the 0.7375 resistance-mark, break of which could escalate its up-moves in direction to the 0.7400 round-figure. However, pair’s rise beyond 0.7400 may only have 0.7410 as a barrier to clear before challenging the mid-February highs near 0.7435. Should overbought RSI continue restricting the pair’s strength and drag it beneath the 0.7345, the 0.7320, the 0.7300 and an upward slanting TL figure of 0.7280 are likely consecutive supports to appear on the chart. Moreover, pair’s dip below 0.7280 could avail the 0.7245 and the 0.7190 rest-points.

GBP/NZD

Having failed to sustain Friday’s pullback from 50-day & 100-day SMA confluence, GBPNZD re-tests the same support-zone around 1.9210–1.9190, which in-turn favors the pair’s another reversal targeting 1.9315 and the 1.9420 resistances. Given the Bulls’ ability to conquer 1.9420, the 1.9550 may act as intermediate halt during their journey to the 1.9600 trend-line. Meanwhile, a downside close below 1.9190 reignites the importance of ascending TL, at 1.9070 now, breaking which the pair could jump to 1.9000 psychological-magnet. If at all the pair keeps trading southwards after 1.9000, the 1.8900 and the 200-day SMA level of 1.8725 may appear in Bears’ radars.

NZD/JPY

Irrespective of the NZDJPY’s present struggle to maintain its strength, the pair can’t be termed weak unless it offers a daily closing below 78.35-25 horizontal-region. As a result, chances of the pair’s advances to 200-day SMA level of 79.40 become brighter if it surpasses the 79.15 nearby resistance but its following rise may have to clear the 80.00 and the 80.10 trend-line in order to please the NZD optimists. Alternatively, a daily closing beneath the 78.25 might not hesitate fetching the quote to 78.00 and the 77.60. Further, pair’s additional downside below 77.60 can have 77.00 and the 76.10 as strong supports to break prior to revisiting the 75.50 mark.

NZD/CAD

By taking support from three-month old ascending trend-line, the NZDCAD is trying to regain its status above 50-day SMA level of 0.9290 but a downward slanting TL stretched since mid-March, at 0.9320, could limit its upside then after. If the pair closes above 0.9320, the 0.9370 and the 0.9435 can be considered as buffers during the course of its rally towards 0.9460 & 0.9520. On the downside, a clear break of 0.9250 TL can trigger the pair’s profit-booking moves targeting 0.9190 & 0.9120 whereas 100-day SMA level of 0.9110 may challenge the sellers afterwards. Given the pair’s break of 0.9110, it becomes vulnerable to revisit the 0.9000 level.

Cheers and Safe Trading,
Anil Panchal