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Technical Overview of NZD/USD, EUR/NZD, GBP/NZD & NZD/CAD: 02.08.2018

By:
Anil Panchal
Updated: Aug 23, 2018, 10:57 GMT+00:00

NZD/USD As the month long symmetrical triangle restricts the NZDUSD moves, chances favoring the present downturn to be challenged by the formation

Technical Overview of NZD/USD, EUR/NZD, GBP/NZD & NZD/CAD: 02.08.2018

NZD/USD

As the month long symmetrical triangle restricts the NZDUSD moves, chances favoring the present downturn to be challenged by the formation support, at 0.6730, are quite high; though, failure to turn down the sellers can further fetch the quote towards the 0.6715 and the 0.6690 supports. In case Bears keep ruling trade sentiment past-0.6690, the 61.8% FE level of 0.6625 and the 0.6600 round-figure could mark their appearance on the chart. On the contrary, the 0.6790 and the 0.6810 might try to confine the pair’s immediate upside before the pattern-resistance, at 0.6850, comes into play. If at all the pair surpasses 0.6850 mark, the 0.6885, the 0.6915-20 and the 0.6955-60 may pop-up in the buyers’ radars to target.

EUR/NZD

Alike NZDUSD, the EURNZD seems also finding it hard to break the short-term symmetrical triangle, which in-turn can confine the pair’s recent recovery around 1.7260. Should prices refrain to respect the 1.7260 barrier, the 1.7315-20 and the 1.7380 are likely following resistances to observe as break of which may propel the pair to 61.8% FE level of 1.7465. Meanwhile, the 1.7125 can offer adjacent support to the pair during its pullback ahead of highlighting the pattern support of figure of 1.7095. Assuming that the pair continue declining after 1.7095 then the 1.7000, the 1.6960 and the 1.6920 may act as buffer prior to diverting market attention on the 1.6820-10 horizontal support-zone.

GBP/NZD

GBPNZD’s uptick on BoE decision still has to cross the 1.9425-30 horizontal-area in order to aim for the 1.9500 but four-week old descending trend-line, at 1.9530, could limit the pair’s additional rise. Given the quote’s ability to conquer the 1.9530 hurdle, it can extend the north-run to 1.9580 and the 1.9620 resistance-levels. If prices fail to sustain latest strength then the 1.9360, the 1.9300 and the 1.9255 can provide intermediate halts to their drop targeting 1.9220 support-line. Moreover, pair’s dip beneath the 1.9220 can make the 1.9140, the 1.9030 and the 1.9000 as sellers’ favorites.

NZD/CAD

Contrast to all the aforementioned currency-pairs, the NZDCAD has already broken an important support-line, now being resistance near 0.8850, and is likely to revisit the 0.8785 and the 0.8740 rest-points. However, the 0.8685-80 could question the pair’s weakness post-0.8740, if not then 0.8640 might be checked as strong support. Alternatively, a D1 close beyond 0.8850 can trigger the pair’s short-covering rally in direction the 0.8870 and the 0.8915 whereas 0.8970 and the 50-day SMA level of 0.9000 may disappoint the Bulls afterwards. If the pair stretch its up-moves above 0.9000, the 200-day SMA level of 0.9040 and the downward slanting TL figure of 0.9110 seem crucial to watch.

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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