Technical Outlook For Important NZD Pairs: 10.10.2018

Anil Panchal
Technical Outlook For Important NZD Pairs: 10.10.2018

NZD/USD

Having failed to clear immediate descending resistance-line, NZDUSD rests on 0.6460 support, breaking which it’s drop to 0.6420 can’t be denied. Should prices continue declining past-0.6420, the 61.8% FE level of 0.6390, followed by 2016 low around 0.6345, can please the Bears. On the contrary, uptick beyond 0.6490 TL may have to struggle with 0.6500 horizontal-barrier to aim for the 0.6540-45 and the 0.6570 resistances. However, pair’s rise after 0.6570 could find it hard to clear the 0.6590-0.6600 region, which if broken opens the door for its rally to 0.6630 & 0.6660 north-side numbers.

EUR/NZD

Even after bouncing off the 1.7725 support-line, the EURNZD is less likely to extend its recovery as the 1.7820 horizontal-resistance stands tall to disappoint buyers. If the pair manage to surpass the 1.7820 hurdle, the 1.7870 and the 1.7930 can entertain Bulls prior to pushing them towards 61.8% FE level of 1.8000. Alternatively, pair’s dip beneath 1.7725 support can drag it to the 1.7670 and the 1.7600 rest-points. Though, an upward slanting TL, at 1.7530, might challenge the sellers, failing to which could recall 1.7475 & 1.7400 levels on the chart.

GBP/NZD

Resistance-line of more than two-year long “Rising-Wedge” formation seems restricting the GBPNZD’s upside near 2.0400 at the moment whereas overbought RSI signal brighter chances of the pair’s pullback. As a result, 2.0030 and the 200-week SMA level of 1.9740 might gain market attention if the quote takes a U-turn. In case the pair stretch its south-run below 1.9740, the 1.9530 and the 1.9180 may become the highlights. Given the pair’s ability to close beyond 2.0400, it can run to 2.0620 & 2.0700 resistance-levels. Additionally, successful rally above 2.0700 could help target the 2.0860 and the 2.1000 landmarks.

NZD/CHF

NZDCHF’s inability to hold recent advances can fetch it to 0.6390 but 0.6365-70 might confine the pair’s further downside. If prices refrain to respect the 0.6365 support, the 0.6345, the 0.6310 and the 0.6300 round-figure should be looked if having short positions. Meanwhile, pair’s rise above 0.6435 can fuel it to 0.6465 before questioning the strength of 0.6495 descending TL & 0.6510-15 resistance-area. Given the optimists dominate momentum above 0.6515, the 0.6525, the 0.6540 and the 0.6565 could act as stops during the pair’s surge to 0.6600.

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