Technical Outlook For NZD/USD, EUR/NZD, GBP/NZD & AUD/NZD: 23.03.2017

NZD/USD

While six-week old descending trend-line confined NZDUSD’s pullback moves from 0.6890-95 horizontal-region, the pair presently signals 0.7000 round-figure re-test. Should present profit-booking clears 0.7000 mark, the 0.6960 and 0.6940 may please short-term sellers before the 0.6890-95 area again comes into play, which if broken could make prices vulnerable to plunge towards 0.6830 & 0.6800 supports. Meanwhile, a clear break above 0.7070 TL can trigger the pair’s immediate up-move to challenge 100-day SMA number of 0.7110; however, 0.7130 & 0.7155, including 200-day SMA, may restrict its additional advances. Further, Bulls’ capacity to inflate the quote beyond 0.7155 enables it to aim for 0.7240 resistance-mark.

EUR/NZD

Even if EURNZD managed to surpass 200-day SMA during early-month advances, the 1.5440-50 horizontal-line, including 38.2% Fibonacci Retracement of its May 2016 – February 2017 downside, triggered the pair’s profit-booking; though, there prevails repeated absence of a daily closing below 1.5215 SMA, which in-turn signals the pair’s strength. At present, the 1.5215 seems nearby support for the pair, breaking which 1.5185 and 1.5100 can come-back as a quote. However, during the pair’s additional weakness below 1.5100, the 1.5050 & 100-day SMA figure of 1.4970 should be observed closely. On the upside, the 1.5385 may offer immediate resistance to the pair before it can revisit 1.5440-50 area, which if broken could trigger its northward trajectory towards 1.5530 & 1.5560. If upside momentum helps the pair to surpass 1.5560, its follow-on rally to 1.5650 can’t be denied.

GBP/NZD

GBPNZD’s eleven-week high presently confronts 200-day SMA figure of 1.7795, which together with near overbought RSI, signal brighter chances for the pair’s pullback to 1.7670 support with 1.7580 & 1.7515 being consecutive following rests to watch. Though, 1.7470-65 horizontal-line, including 100-day SMA, could limit the pair’s additional downside after breaking 1.7515. If at all the buyers propel prices above 1.7795, also clear 1.7800 mark, the 1.7830 and 50% Fibonacci Retracement level of 1.7830 can become intermediate halts during the pair’s upward trajectory to 1.7950-60 horizontal-line. In case of the pair’s successful trading beyond 1.7960, the 1.8000 psychological magnet and 1.8020-30 should be given proper attention.

AUD/NZD

Following its two-month old upward trajectory, the AUDNZD finally broke a steep ascending trend-line and is expected to witness further downside towards 1.0790 before testing 1.0760-55 resistance-turned-support. During the pair’s further weakness below 1.0755, the 1.0690 and the 50-day SMA figure of 1.0660 can please sellers. Alternatively, a daily closing above 1.0870 can negate the pair’s latest signal and can propel it to 1.0900 round figure. Should there be sustained up-move by the quote above 1.0900, the 1.0960 & 1.1000 are likely following resistances that traders should watch while 1.1045-50 could confine its trading beyond 1.1000 psychological magnet.

Cheers and Safe Trading,
Anil Panchal