something interesting

<  BACK TO Market Analysis

NZD/USD weakness

FOREX_NZDUSD-weakness_FXPIG
  • US dollar shorts get fidgety ahead of Fed expectations of upgraded rate projection.
  • NZD/USD approaching the 0.7200 multi-month support.

The NZD is currently trading at around 0.7214 after declining approx 130 pips in the last 24 hours as the 2-year benchmark yields are at their highest since 2008. The Kiwi started its decline two days ago as the New Zealand GDP data came in below expected, in an immediate reaction the pair sold off more than 30 pips. On Friday NZD weakness was exacerbated by US dollar strength as prospects of Fed rate hikes next week and encouraging industrial data, JOLTS opening job and Michigan consumer sentiment index came all above expectation. For most market participants a rate hike next week is virtually a done deal, the question will be what happens after it. 

NZD/USD weekly 

The NZD/USD is sliding below the 200-period simple moving average as the week is coming to an end. 0.7300 and 0.7400 acted as strong resistance since the start of the year. The technical configuration would have us believe that bulls took their chance but they failed to break the 0.7400 level. Immediate support is seen at 0.7200 which is the low of the range of the last weeks, followed by 0.7100 with the 100-period simple moving average. If bulls can maintain the market above 0.7200, resistance is seen at 0.7400 key level followed by 0.7600. 

NZD/USD daily

On the daily time frame, the NZD/USD made a triple top or arguably a head and shoulder pattern. The 0.7200 level is the strong support to look for as buyers have defended the level since January. The 200-period simple moving average is also not far from the key level so bears will need to have conviction to break through it. The prospects of four rate hikes from the Fed might give the bears the strength they need.

  • US dollar shorts get fidgety ahead of Fed expectations of upgraded rate projection.
  • NZD/USD approaching the 0.7200 multi-month support.

The NZD is currently trading at around 0.7214 after declining approx 130 pips in the last 24 hours as the 2-year benchmark yields are at their highest since 2008. The Kiwi started its decline two days ago as the New Zealand GDP data came in below expected, in an immediate reaction the pair sold off more than 30 pips. On Friday NZD weakness was exacerbated by US dollar strength as prospects of Fed rate hikes next week and encouraging industrial data, JOLTS opening job and Michigan consumer sentiment index came all above expectation. For most market participants a rate hike next week is virtually a done deal, the question will be what happens after it. 

NZD/USD weekly 

The NZD/USD is sliding below the 200-period simple moving average as the week is coming to an end. 0.7300 and 0.7400 acted as strong resistance since the start of the year. The technical configuration would have us believe that bulls took their chance but they failed to break the 0.7400 level. Immediate support is seen at 0.7200 which is the low of the range of the last weeks, followed by 0.7100 with the 100-period simple moving average. If bulls can maintain the market above 0.7200, resistance is seen at 0.7400 key level followed by 0.7600. 

NZD/USD daily

On the daily time frame, the NZD/USD made a triple top or arguably a head and shoulder pattern. The 0.7200 level is the strong support to look for as buyers have defended the level since January. The 200-period simple moving average is also not far from the key level so bears will need to have conviction to break through it. The prospects of four rate hikes from the Fed might give the bears the strength they need.

lastest Articles

Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 19.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Technical Analysis: 18.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed is likely to signal just one more rate hike – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -18.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD fades a knee-jerk bullish spike to levels beyond 1.3300 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD: RBA market pricing absorbed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: USD bounces alongside T-yields in Asia; UK politics/ Brexit in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD remains bid and flirts with 1.1300, looks to Brexit, data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 13.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold adds to gains beyond $1300 mark, hits 1-1/2 week tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR: Shorts restrained
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY-12.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit and US CPI amongst market movers today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -11.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD struggles to gain positive traction, but holds above 1.3400 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Bounce is likely - Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD Pound Fails to Capitalize on Dollar Stumble Ahead of Brexit Votes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold clings to recovery gains above $1290
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB: All focus on TLTRO announcement
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Focus on Fed speak and trade data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 06.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoC: Policy rate likely to remain unchanged - Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD slides back closer to session lows, focus shifts to Carney's testimony
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold consolidates in a range, hangs near 6-week lows
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Antipodeans slip on China woes; Eurozone/ UK services PMI eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD: Prohibitive?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD drops to session low, bulls struggling to defend 1.3200 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk-on amid US-China trade optimism; UK construction PMI – Up next
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Global growth hinges on China’s Big Week
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Technical Analysis: Bears await a sustained break below 1-month old trend-line support
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: The cross now targets the key 200-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen weakest in Asia risk-on; focus on UK PMI, Eurozone CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold bears looking for a break of the $1,300/oz level to 38.2% Fibo target
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD turns flat below 1.14 as DXY clings to gains above 96
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 28.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Prices stabilising
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit to remain in focus this week
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold edges lower to $1325 level, focus remains on Powell’s testimony
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD within a tight range near 1.1350, focus on Powell
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold drops below $1330 as USD recovers modestly
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY challenges 2-day highs near 125.80
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 25.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD Canadian Dollar Higher on Stronger Oil and Softer Dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD eases from tops beyond 1.1350 post-IFO
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 22.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP flirting with highs near 0.8700, focus on Brexit
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD struggles for direction near 1.1340
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Aussie sees big moves in Asia; Eurozone flash PMIs, ECB minutes – Up next
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOMC Minutes Preview: Major Banks expecting a reiteration of a dovish message
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Range preserved – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoJ’s Kuroda: Doesn't believe current BoJ policy is weakening the Yen
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Comments from Fed’s Mester show balance sheet decision may come as early as March
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold bulls seeking out a run to $1,360/oz while now testing out 10-month highs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD returns to 1.1300 on mixed German, EMU ZEW
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD eases from 3-day highs above 1.1330
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold bulls take a breather just ahead of $1326 level, or multi-month tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB to stay on hold in 2019-20 – Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Falls as Trade Optimism and Domestic Uncertainty Take Their Toll
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Prices are undervalued given the current supply uncertainty - Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD rebound from 2019 lows, back around 1.1280
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold hits 2-week tops, around $1320 level amid global growth concerns
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD – Euro shrugs off soft German, eurozone GDP
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD falls to 1-month low, 1.2800 mark back on sight
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD is sitting at key support level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/MXN holds bullish tone, near 19.30
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD recovers above 1.13 as greenback continues to weaken
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD: Downside seems limited in 2019 - Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD depressed and closer to 1.1300
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 11.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
China stocks climb after holiday break, driven by trade-deal hopes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar’s next move depends on Trump’s trade progress and border wall funding concession
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
We see risk that EUR/USD could retreat towards 1.12 on a 3 to 6 mth view - Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD spikes to fresh session tops, around 1.2970 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (07.02.2019)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Technical Analysis: Descending channel/200-hour SMA confluence region to cap goodish intraday bounce
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY Technical Analysis: Bulls trying to defend descending channel support ahead of BoE
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EU slashes euro-zone growth forecast to 1.3%, Italy only 0.2% - EUR/USD pressured
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold slides to $1312 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD rallies over 40-pips from 2-week lows, refreshes session tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Choppy?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Wekly Results
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Soft Dollar and Strong Stock Market Supported by Dovish Fed and Strong US Economic Data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY-01.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD continues to consolidate
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (31.01.2019)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY drops to 6-day lows near 124.50
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit: Drop the backstop and create a customs association, Ifo economists say
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (30.01.2019)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD: Upbeat inflation pleased Aussie bulls before Fed meets
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: Upside stalled near the 100-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (29.01.2019)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Why the Fed may not announce a change to its balance sheet plan on Wednesday
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD drops to session lows, recovers to 1.3150 as Brexit Plan B debate continues
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 29.01.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY 28.01.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Falls Ahead of Busy Week in Markets
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (23.01.2019)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoC's Poloz: Could see some spillovers’ from US government shutdown
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 23.01.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613