Important NZD Pairs’ Technical Update: 06.09.2018

NZD/USD

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While the 0.6615-20 is likely immediate upside barrier for the NZDUSD, the 0.6560 and the 0.6525 could confine the pair’s near-term downside. As a result, the 0.6620 and the 0.6525 could act as triggers to the quote’s following moves. In case the pair dips beneath 0.6525, which has higher probabilities, the 61.8% FE level of 0.6490 and the 0.6430 can please the sellers. Alternatively, pair’s successful trading beyond 0.6620 can avail 0.6670 as an intermediate halt before challenging the 0.6695 trend-line, which if broken might not hesitate fueling prices to the 0.6720-25 resistance-region.

EUR/NZD

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In spite of conquering 32-month long ascending trend-line resistance, the EURNZD needs to close above 1.7600 in order to extend its north-run towards 1.7730 and the 1.7900 levels. Should the pair continue rising past-1.7900, the 1.8000 round-figure could hold the door for its surge in direction to the 1.8130 and the 1.8300 marks. Assuming that the pair fails to maintain its stand above 1.7600 on a weekly closing basis, then it can witness pullbacks to 1.7485 and the 1.7380 levels. Moreover, pair’s extended profit-booking after 1.7380 highlights the importance of 1.7230 and the 1.7110 rest-points.

GBP/NZD

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GBPNZD also has to cross the 1.9700 TL on a D1 closing basis if it is to aim for the 1.9760 and the 1.9835 resistances. Though,  break of 1.9835 might flash 2.0000 and the 61.8% FE level of 2.0120 on the Bulls’ radar. Meanwhile, the 1.9460 and the 50-day SMA level of 1.9365 may entertain counter-trend traders, breaking which 1.9150 and an upward slanting TL, at 1.9080, seems crucial. If at all the pair drops beneath 1.9080, the 1.9000 and the 1.8910 can be targeted if having short positions.

NZD/JPY

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Even after bouncing off the immediate TL support, the NZDJPY couldn’t clear the 73.70 hurdle to north and may revisit the 72.80 support-line, which if broken might drag the quote to 72.30 and the 71.60 mark, including 61.8% FE. Given the pessimists rule sentiment past-71.60, then the 71.00 and the 70.00 could appear on the chart. On the upside, pair’s advances above 73.70 can look for 74.10 and the 50-day SMA level of 74.75 but the five-month old descending TL, at 75.40 could disappoint the optimists afterwards. Should prices rally beyond 75.40, the 76.30 and the 200-day SMA level of 77.10 might face the limelight.

This article was originally posted on FX Empire

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