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Important NZD Pairs’ Technical Overview: 15.02.2017


Even if 0.7370-80 confined NZDUSD's advances during last week and dragged the pair to test nearly a month's low on Tuesday, 100-day SMA, at 0.7130 now, triggered its bounce and is now helping the quote to aim for 0.7200 round figure. Given the prices extend latest recovery beyond 0.7200, the 0.7240 & 23.6% Fibonacci Retracement of its May – September up-move, at 0.7290, are likely consecutive resistance that could entertain buyers. However, pair's additional upside beyond 0.7290 can only have 0.7330 before revisiting the 0.7370-80 area, which if broken enables Bulls to target 0.7450 and 0.7485 north-side figures. In case if the pair fail to sustain recent bounce and drop below 0.7130, it can quickly test 0.7100 and 0.7075 supports, breaking which 0.7035 and 0.7000 mark become expected rests to be availed. Should Bears dominate the pair and drops below 0.7000, chances to witness 0.6970, 0.6930 and 0.6850 become brighter.


Following its reversal from 1.4855-60 horizontal-line, the EURNZD now indicates 1.4645-40 support-line re-test. If the pair fail to bounce from 1.4640, it becomes wise to expect 1.4595 & 1.4560 before targeting current month low around 1.4530. Given the pair refrains to take a U-turn from 1.4530, the 1.4500 may act as small barrier during its plunge towards 61.8% FE level of 1.4400. Alternatively, 1.4740-50 multiple resistance-zone seems strong enough to limit the pair's near-term advances, breaking which 1.4820 can offer buffer-stop prior to reigniting importance of 1.4855-60 region. During the pair's successful break above 1.4860, it becomes capable enough to meet 1.4940 and the 1.5000 psychological magnet.


NZDCAD's latest bounce from 0.9343 might find it hard to break immediate TL resistance, at 0.9405, which if broken could accelerate the pair's advances to 0.9420 and then to 0.9445 horizontal-line. Should the quote manage to surpass 0.9445, 0.9470 & 0.9480 may become intermediate halts during its rise towards 0.9500 round figure. Meanwhile, the pair's break below 0.9340 might take a rest around 0.9320-15 line-region, breaking which 0.9285 & 0.9255 could please sellers ahead of offering them January lows around 0.9200 mark. In case of the pair's sustained downturn below 0.9200, chances of its plunge to 0.9040 can't be denied.


While seven-week old ascending trend-line triggered NZDCHF's bounce during late last-week, the pair presently struggles to clear 0.7250, breaking which 0.7270 & 0.7290 can come-back on the chart before 0.7310-20 area could limit its further advances. Should the quote manage to surpass 0.7320, 61.8% FE level, around 0.7350 and the 0.7390 might please buyers. On the downside, 0.7200 round-figure can offer immediate support to the pair before 0.7170 TL grabs attention. If prices fail to respect 0.7170, the 0.7150 & 0.7030 supports may become next to appear on sellers' radar.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Wednesday, 15 Feb, 2017 / 12:13

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