The NZD is the strongest of the majors. The NZDUSD is a leader.

Technical Analysis

Author: Greg Michalowski | nzdusd

The NZDUSD has moved up 1.06%

The NZD is the strongest of the major currencies and that certainly includes the NZDUSD which is up over 1% on the day.  

The NZDUSD has moved up 1.06%

If you read the post from yesterday, the pair had been in a narrow 62 pip trading range over a 5 day period. That is narrow (see the red box in the chart above). 

The high of that range came in at 0.6969. The high price from yesterday stayed just below that level at 0.6968. The close for the day was at 0.6963 - not far from that level.

In the early Asian session, the buyers pushed above that swing area finally breaking out of the range. The price also moved above another swing area between 0.6976 and 0.69809 (see green numbered circles). That opened the technical door wide open, and the price raced higher. 

The run higher has ended up extending above the 50% midpoint of the range since the early September high at 0.70132, and also the 100 day moving average at 0.70215.  Stay above those levels now will keep the buyers more in control.  That is a close risk level intraday.  Move below and we could see some further corrective downside probing.  

Stay above and the buyers remain in firm control.  

On the topside, the next targets come in at the:
  • 61.8% retracement at 0.7050 and the 
  • Swing area between 0.7055 and 0.7059.  
Get above that area and traders will look toward the 0.7075 swing area 

Invest in yourself. See our forex education hub.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose