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Technical Outlook: NZDUSD, EURNZD, NZDCAD And NZDCHF

NZDUSD

Having reversed from 0.7150, the NZDUSD moves were largely governed by a descending trend-channel till early Wednesday; however, the pair recently surpassed resistance-line of the channel and is trading around 23.6% Fibonacci Retracement of its late-May to early June surge. Given the pair manage to extend its latest breakout, 0.7080-85 horizontal area can offer an immediate resistance to it, breaking which 0.7100 and the 0.7150 are likely consecutive upside numbers that it could aim for. If the pair continue rising beyond 0.7150, the 61.8% FE of current month upside, near 0.7200 can restrict its further north-run. On the downside, a dip below 0.7000 psychological magnet negates the recent break and can fetch the prices towards 0.6960-55 area, comprising 38.2% Fibo level and channel support. Should the pair extends its decline below 0.6955, the 0.6900 and the 0.6830-25 might offer following supports to watch.

EURNZD

Ever since the hawkish RBNZ caused EURNZD gap-down opening to 1.6100, the pair failed to surpass the 1.6100 – 1.6110 horizontal area, indicating further south-run towards revisiting December 2015 lows around 1.5800; though, 1.5870-65 might provide immediate support to the pair. Should the bears drag quote below 1.5800, chances of its plunge to 1.5600 and then to the 61.8% FE of August – December 2015 downside, at 1.5480, can't be denied. Meanwhile, 1.6110 – 1.6100 can continue restricting the pair's immediate upside, breaking which ascending trend-line resistance of 1.6230 becomes important for the pair traders to watch. Given the pair's successful break of 1.6230, the 1.6470-80 region, including 50-day SMA and 23.6% Fibonacci Retracement level is likely region that it can confront with.

NZDCAD

Even if the short-term ascending trend-channel favors the NZDCAD upside towards revisiting the last week highs around 0.9100, also including 61.8% FE of its late-April – June upside, the pair presently confronts with adjacent downward slating trend-line resistance around 0.9035. If the pair clears the same trend-line mark, it can quickly rise to 0.9065 and the 0.9100 resistances. Moreover, pair's further north-run beyond 0.9100 might please the bulls to witness 0.9180 mark channel resistance, which if broken can trigger the pair's rally towards 100% FE level around 0.9240. Alternatively, 0.9000 psychological magnet, followed by the channel support of 0.8975, could restrict the pair's immediate decline. Given the pair's break below 0.8975, the 0.8930 and the 0.8860 could be the next levels to watch of the chart.

NZDCHF

NZDCHF's inability to confront with 0.6900 mark dragged the pair to a week's low; however, an immediate upward slanting trend-line, at 0.6705, triggered its bounce towards challenging the 0.6800 round figure mark. Given the pair's acceleration above 0.6800, the 0.6830 and the 0.6855 might act as buffer before enabling it to again challenge the 0.6900 mark. If at all the pair defeat the 0.6900, it become capable enough to test the 0.7000 round figure mark, also comprising the four-month old channel resistance. On the contrary, pair's break below trend-line support can quickly drag it to 0.6660 and the 23.6% Fibonacci Retracement of its August – December 2015 upside, near 0.6615, adjacent to the channel support of 0.6595. Should the pair declines further below 0.6595, chances of its plunge to 0.6460-55, encompassing the 38.2% Fibo, can't be denied.

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Wednesday, 15 Jun, 2016 / 3:23

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-outlook-nzdusd-eurnzd-nzdcad-and-nzdchf

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