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Nzdusddaily

NZDUSD: Watching 0.7040 for Directional CuesExactly one week ago the NZDUSD closed the day back above the 0.7040/5 area. The break came after the March 15th rally fell short of overcoming the region and the pair subsequently sold off on March 16th. However, last Tuesday’s session appears to have closed back below 0.7040/5. This suggests that the Monday break above the area was a false move. Furthermore, the final 72 hours of activity last week was once again capped by 0.7040/5 on a daily closing basis. The result was a weekly bearish pin bar, albeit not at a major swing high. Fast forward to today, and we can see that buyers are once again challenging the level. But as you may well know, I don’t pay much attention to intraday breaks such as this. Where the pair closes the session at 5 pm EST is much more important. For now, I’ll remain on the sideline until we have a clear indication of whether 0.7040/5 is holding as new resistance. If so, we could have a selling opportunity on our hands. Otherwise, a close back above the area would pave the way for a retest of 0.7133. This level served as support on two occasions in the second half of February and again on March 1st.
by Daily-Price-Action
NZDUSD Extends Recent Gains With a Close Above 0.7040Over the weekend I mentioned that we could get a range break opportunity from the NZDUSD this week. At the time the pair was trading between 0.6970 support and 0.7040/5 resistance. Given the technical landscape of the past few months, I was favoring a break to the upside. Yesterday’s close at 0.7052 appears to have given us that upside break. As such, any bullish price action on a retest of the 0.7040/5 area could present a buying opportunity. However, I’m hesitant to enter now given the upcoming RBNZ rate decision on Wednesday at 4 pm EST. The event is likely to cause unfavorable conditions which make an entry at the moment a little too risky. Of course, I could miss the opportunity altogether if I wait. If that happens, I’ll look to the next key level at 0.7133. A close above that would expose the next resistance level at 0.7240. Alternatively, a daily close back below 0.7040/5 would expose the 0.6970 handle followed by the recent swing low at 0.6890. I’ll likely remain on the sideline until the dust settles from this Wednesday’s RBNZ decision. Because the NZDUSD has been range bound for quite some time, I’ll consider any favorable buy or sell signals that form at key levels until conditions warrant a new approach.
Long
by Daily-Price-Action
NZDUSD Potential Range Break Opportunity This WeekThe NZDUSD could offer a range break opportunity this week. Despite gaining 125 pips following a more dovish than expected Fed, the pair fell short of overtaking the 0.7040 handle. Buyers also just barely missed out on a weekly bullish engulfing pattern. But despite the near miss, the rally that started on Wednesday may not be done just yet. In fact, given the technicals over the last few months, I’m favoring a break to the upside. However, I won’t enter until I see a daily close above 0.7040. Until that time comes, I’ll remain on the sideline. If we do get a bullish break from this range, a move toward resistance at 0.7133 would be the likely outcome. This level served as support twice last month as well as the first day of March. Key support for the week ahead comes in at Thursday’s low near 0.6970. This area served as a pivot in early January and is also the November 2016 low.
by Daily-Price-Action
NZDUSD approaching support, prepare to buyBuy above 0.7176. Stop loss at 0.7137. Take profit at 0.7240. Reason for the trading strategy (technically): We prepare to turn bullish above 0.7176 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7240 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing strong support at the 10% level where we expect a bounce in price from. Reason for the trading strategy (fundamentally): The major news item today affecting USD is the Gross Domestic Product (GBP) which measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. If the actual release is better than the forecast, that means it is good for the currency and we can expect USD to strengthen. However, if the actual release is less than the forecast, that means it is bad for USD and we can expect USD to weaken. Our current forecast is for a rise from 1.9% to 2.1% which means we could expect a stronger USD, this goes against our bullish NZDUSD view, hence, it is best to exercise caution on this trade. The other major news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a higher value which means a stronger USD, which goes against our bullish NZDUSD trade today too.
Long
by theforexarmy
NZDUSD profit target reached again, prepare to buyBuy above 0.7176. Stop loss at 0.7137. Take profit at 0.7240. Reason for the trading strategy (technically): Price has dropped nicely and is reaching our profit target perfectly. We prepare to turn bullish above 0.7176 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7240 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing strong support at the 10% level where we expect a bounce in price from. Reason for the trading strategy (fundamentally): The main news event today is the U.S. Durable Goods Orders. Durable goods are typically sensitive to economic changes. When consumers become sceptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The headline figure is expressed as a percentage change from previous months. A decrease in this value would mean a weaker USD. Forecasts for this month is expecting a significant rise from last month which means a stronger USD. This goes against our bullish NZDUSD view, hence, it is important to exercise caution on this trade.
Long
by theforexarmy
NZDUSD profit target reached perfectly, time to start sellingSell below 0.7240. Stop loss at 0.7285. Take profit at 0.7176. Reason for the trading strategy (technically): Price shot up and reached our profit target perfectly from yesterday. We now turn bearish below 0.7240 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to 0.7176 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing strong resistance below the 92% level.
Short
by theforexarmy
NZD/USD LONG with a SHORT SAFETYEntry 0.73000 Simple price action for this one. Possible long with the first target at 0.74000 which is sitting on the weekly S&R and possible targets of 0.7600 which is resting on the monthly S&R. A break of the second level of resistance will confirm the end of the downtrend and give me more confluence that the pair will continue its bullish movement. The possibility of the current bullish movement correcting after its break of weekly trendline resistance isn't that strong after it already retested the resistance but best to be safe and so a short has been set up with an entry on the re-enter of the weekly downtrend and targets set by the monthly trendline support 0.70000 Review, comment & like and enjoy.
Long
by NathanSaunders