Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Currencies  >  New Zealand Dollar / US Dollar (NZD/USD)       

News SummaryAll newsTweets

NZD/USD Technical Analysis: Kiwi Drops to 2-Month Low

share with twitter share with LinkedIn share with facebook
share via e-mail
10/05/2016 | 11:40am CEST
DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Short at 0.7273
  • Kiwi Dollar drops to 2-month low as prices challenge 0.72 mark
  • Partial profit booked after short position meets initial objective

The New Zealand Dollar has dropped to the lowest level in almost two months against its US counterpart after prices cleared trend support set from late May. The pair established a top as expected following the appearance of a Bearish Engulfing candlestick pattern below the 0.75 figure.

From here, a daily close below the 38.2% Fibonacci retracement at0.7176 paves the way for a challenge of the 0.7080-0.7102 area (50% level, horizontal pivot). Alternatively, areversal back above the September 22 high at 0.7370 sees the next high-profile barrier at 0.7485, the September 9 top.

A short NZD/USD trade was activated at 0.7273. Prices have now reached the initial target at 0.7176 and profit has been booked on half of the position. The remainder of the trade will remain open to capture any follow-on weakness with a stop-loss trailed to the breakeven level.

What do past NZD/USD price patterns hint about current trends? Find out here!

NZD/USD Technical Analysis: Kiwi Drops to 2-Month Low

original source

© FXCM 2016
share with twitter share with LinkedIn share with facebook
share via e-mail
2016DJLIVESTOCK HIGHLIGHTS : Top Stories of the Day
2016DJYen Little-Changed Vs Dollar After Early Gains on Earthquake News
2016DJDollar Soars Against Yen on Expectations for Rate Increase
2016 NZD/USD – First Test for Bear Camp
2016 All Eyes on Key NZD/USD Inflection Point Going Into NFP
2016 GBP/USD Flashes Oversold Signal; FX Sentiment Holds Near 2016-Extreme
2016 NZD/USD TECHNICAL ANALYSIS : Kiwi Drops to 2-Month Low
2016 NZD/USD Wipes Out Last 5 Days’ High and Lows
2016 USD/JPY Rattles Bearish Summer Trend; Retail FX Positioning Shifts
2016 FX TECHNICAL WEEKLY : Don’t Get Caught Fading the Next EUR/USD Move
More news