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Technical Checks Of NZDUSD, EURNZD And GBPNZD: 03.02.2017

NZDUSD

Following its frequent inability to surpass 0.7330, the NZDUSD presently trades around short-term ascending trend-channel support, at 0.7255, which if broken can quickly fetch the quote towards 0.7215 and then to 0.7150-45 support-zone. Given the pair continue declining below 0.7145, the 0.7100 round figure becomes crucial for traders to watch, which in-turn could open the door for the price-plunge towards 0.7045 and 0.7000 psychological magnet. On the contrary, pair's U-turn from present levels need to break 0.7300 mark ahead of confronting 0.7330 resistance. In case of the pair's sustained trading beyond 0.7330, the 0.7350 can become a small barrier prior to fueling prices towards 61.8% FE and channel resistance-line of 0.7385, clearing which Bulls can aim for November 2016 high around 0.7400.

EURNZD

In case of EURNZD, short-term descending trend-channel portrays the pair's downturn; however, latest bounce from 1.4640 favors the quote in challenging channel-resistance-line of 1.4850, breaking which 1.4940 & 1.4985, quickly followed by 1.5000 round-figure, can please buyers. If prices manage to sustain its break beyond 1.5000, the 1.5090 and 1.5150 might flash on the chart. Meanwhile, 1.4690 & 1.4640 can please short-term sellers before the 61.8% FE level of 1.4600 could become highlight. Though, pair's additional weakness below 1.4600 might find it hard to clear channel-support figure of 1.4575 now that becomes a trigger for the quote's south-run towards 1.4530 & 1.4400 supports.

GBPNZD

Ever since the GBPNZD reversed from 1.7470-75 horizontal-resistance, the pair kept trading south and is presently signaling 1.7100 – 1.7095 support-confluence test, comprising 23.6% Fibonacci Retracement and a fortnight old ascending trend-line. Should the quote drops below 1.7095, the 1.7035-30 horizontal-line and the 1.6970 might offer intermediate halts during its plunge to revisit January low of 1.6830. Alternatively, 1.7230, 1.7280 and 1.7335-40 are likely adjacent resistances to observe, which if broken can have 1.7420 as a minor break before the pair's another rise towards 1.7470-75. Further, the pair's capacity to clear 1.7475 enables it to aim for 1.7530 TL and 1.7560 resistance-levels.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Friday, 03 Feb, 2017 / 12:53

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-checks-of-nzdusd-eurnzd-and-gbpnzd-03-02-2017

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