Technical Outlook For NZD/USD, EUR/NZD, GBP/NZD & NZD/JPY: 25.05.2017

NZD/USD

Despite of four-day long advances by the NZDUSD, the pair couldn’t clear 0.7050-55 horizontal-region, comprising 100-day SMA, and is presently witnessing pullback towards testing 0.7000 psychological magnet. During the pair’s extended profit-booking below 0.7000, the 0.6970-65 and the 0.6945-40 may offer intermediate halts prior to flashing 0.6900 round-figure on the chart. Moreover, Bears’ dominance over the prices after 0.6900 break can please sellers with 0.6850-45 & 0.6830 support-levels. On the contrary, a daily close above 0.7055 can quickly propel the quote towards 0.7070 & 0.7120 while its additional up-moves after 0.7120 may find multiple resistances between 0.7150-70 area. In case of the pair’s sustained trading above 0.7170, it becomes capable enough to claim 0.7240 resistance-mark.

EUR/NZD

Even as month-old ascending trend-channel favors EURNZD’s north-run, the pair’s failure to surpass 1.6010-20 may trigger its pullback to 1.5880; however, channel-support mark of 1.5830 could restrict its further downside. Should the pair decline below 1.5830, the 1.5750, the 1.5700 and the 1.5620 are likely numbers towards south that can please sellers. If at all the pair manage to break 1.6020, it can stretch the prevailing advances to 1.6080 and 1.6130 before targeting the early-month high around 1.6230-35. Given the upbeat sentiment after 1.6235 break, the channel resistance-line, at 1.6300 now, followed by 61.8% FE level of 1.6420 could well comeback on the chart.

GBP/NZD

A four-month old ascending trend-line, at 1.8320, adjacent to 50-day SMA level of 1.8250, are likely nearby supports that GBPNZD traders should watch as the pair seems weak for short-term. Should the quote closes below 1.8250, chances of its gradual slide with 1.8180, 1.8130 and the 1.8080 stops can’t be denied prior to aiming 1.8000 psychological-magnet as a support. Meanwhile, the 1.8500, the 1.8580 and the 1.8640 may confine the pair’s nearby up-moves before giving rise to expectations of witnessing 1.8700 and the 1.8820 numbers. During the pair’s further rise beyond 1.8820, the 1.8880 and the 1.8960 should be given proper attention.

NZD/JPY

Following its successful bounce from 76.25, the NZDJPY seems heading towards 79.20-25 descending TL resistance, breaking which 100-day SMA level of 79.40 and the 80.00 round-figure should grab buyers’ eye-share. If the quote manages to clear 80.00, the 80.60, 81.00 and the 81.45-50 may gain popularity. Alternatively, pair’s dip below 78.45 can fetch it to 78.10 and the 77.70 while 77.40 and the 76.90 may become follow-on rests during its additional declines. Should prices break 76.90 mark, it becomes vulnerable to plunge towards 76.30 and the 76.00 become brighter.

Cheers and Safe Trading,
Anil Panchal