New Zealand Dollar Technical Price Outlook: NZD / USD Weekly Trading Levels
- New Zealand Dollar updated technical trade levels – weekly schedule
- NZD / USD recovery targets the resistance of the former support
- Support 6790, 6702/33 (key) – durability 7100, 7121, (cart repeal 7189)
The New Zealand Dollar increased by more than 1.75% US dollar together this week NZD / USD we are trying to return to the main technical zone that we have been watching for several months. These are updated targets and invalidity levels NZD/USD the weekly price chart runs until the end of August. Overview my last Strategy webinar for a thorough distribution this Kiwitrade setup and more.
New Zealand Dollar Price Chart – NZD / USD per week
Notes: In my last New Zealand Dollar Price forecast we noted that Kiwi was “ready * to celebrate the sixth weekly key support test at the peak of 2019 / December 2018 6941/69.“ This threshold was maintained for nine consecutive weeks before falling, the decline reversed just before the accession support for the extension of the high / 100% annual decline in July 2019 6790/95. This recovery is now being tested for the time being resistance at the former support and we are looking for a possible price change at these levels. Watch the week close.
Ultimately, the tops break / close over the 100-day moving average clock 7013 necessary to reverse the monthly downward trend in a scenario revealing 61.8% Fibonacci retracement may decline at 7121 and the goal is to open every year at 7189– both areas of interest in case of possible upper exhaustion, if this has been achieved. The metric interval would shift the focus back to basic support at 38.2% retracement / 2020 each year at 6702/33– Look for a bigger reaction IF you get it.
Bottom line: The recovery of the New Zealand dollar dates back to the initial week resistance level – if last week’s distribution was legitimate, this recovery should be exhausted before the monthly peak. From a trade perspective, look to reduce long-term exposure, raise protective stops 70handle. Make sure the exhaustion is close 6700 The IF was achieved by breaching / weekly closing over the annual opening, which was ultimately necessary to suggest a significant low level. Post updated New Zealand dollar price outlook if we can get further clarity on Kiwi technical trade in the near future.
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New Zealand Dollar Trader Mood – NZD / USD Price Chart
- Summary IG customer mood indicates that traders are short of NZD /USD -The ratio is -1.47 (40.46% of traders are long) -Usually weak bullish reading
- There are long positions 2.47% lower than yesterday and 26.34% lower than last week
- Short positions are 4.26% higher than yesterday and 69.71% higher than last week
- We usually take the opposite view to the mood of the crowd, and the fact that traders are short indicates an increase in NZD / USD prices. Traders have even less money than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger bias against NZD / USD bullish trading. feeling position.
Key New Zealand / US economic announcements
Economic calendar – recent economic developments and the risk of upcoming events.
Previous weekly technical charts
– Written Michael Boutros, Technical Currency Strategist with DailyFX
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