New Zealand Dollar Technical Price Outlook: NZD / USD Weekly Commodity Levels
- New Zealand Dollar updated technical trade level – weekly schedule
- NZD / USD diving breaks in a contracted upward trend – FOMC touching
- Basic support 6941/69 – obstacle 7100, 7150/89 critical
The New Zealand Dollar is a fraction higher US dollar the beginning of the week together NZD / USD testing the technical support base for over a month. We are looking for clarity this week as the decision on federal reserve interest rates on Wednesday is likely to provide guidance as the Kiwi reaches a multi-month uptrend. These are updated targets and cancellation levels NZD/USD weekly price chart titled FOMC. Overview my last Strategy webinar for a thorough distribution this Kiwitrade setup and more.
New Zealand dollar price – NZD / USD per week
Notes: In my last New Zealand Dollar Price forecast we noted that Kiwi was “immersed in upward support for accession and we are looking for a possible turn out of this zone”. NZD /USD is ready to celebrate the sixth weekly main support test at the peak of 2019 / December 2018 6941/69 and despite the fact that multiple elongations extend into fresh low years, bears remain vulnerable while being above level.
Initial week resistance stands 7100 with critical eye resistance 61.8% FibonacciMay decline / target 2021 retracement, which is open annually at 7150/89– look for a reaction there, if it has been achieved at a higher level, which is necessary to focus on the annual goal 7292. Weekly closing under this key support zone would reveal the highest 100% extension in July 2019 6790/95 38.2% transfer of the 2020 advance supported in 6702/33.
Bottom line: The New Zealand dollar has continued to maintain its technical upward trend for more than a month. From a trading point of view, it is a good zone to reduce short exposure / lower protection stops – there is a risk of some recovery, but look for possible upper exhaustion before the annual open IF price goes lower. Stay supple FOMC the cut in interest rates this week with an event that is likely to increase the volatility of the US dollar crossover. Check out my latest review New Zealand dollar price outlook To take a closer look at the level of technical trade in Kiwi in the near future.
Review Michael’s full trading strategy for a breakdown Basics of a trading strategy series
New Zealand Dollar Traders Opinion – NZD / USD Price Chart
- Summary IG customer mood shows that traders are net short NZD / USD – ratio is -1.22 (45.03% of traders are long) – usually weak bullish reading
- There are long positions 2.67% higher than yesterday and 9.68% lower than last week
- Short positions are 4.16% higher than yesterday and 16.77% higher than last week
- We usually take a mixed view of the crowd, and the fact that traders are short indicates a continuing rise in NZD / USD prices. Traders are even shorter than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger NZD / USD bullish trading principle. feeling position.
Major economic publications from New Zealand and the United States
Economic calendar – the latest economic developments and upcoming event risks.
Previous weekly technical tables
– Written Michael Boutros, DailyFX Technical Currency Strategist
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