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Technical Overview: EURNZD, NZDJPY And NZDCAD


With a month-old descending trend-line successfully restricting the EURNZD upside, the pair seems more likely to revisit 1.5015 and the 1.5000 nearby supports soon. However, lower-line of a short-term downward slanting channel, at 1.4955, may limit the pair's additional declines, failing to which can drag the quote to 1.4935 and the early-month lows of 1.4847. In case if the pair continue trading down below 1.4847, it becomes vulnerable to extend the south-run towards 61.8% FE of its October – November drop, around 1.4690, with 1.4780-70 being an intermediate halt. On the upside, break of mentioned TL mark of 1.5110 can trigger the pair's jump to 1.5160 channel resistance that becomes an important level for traders. Given the pair manage to surpass 1.5160, the 38.2% Fibo level of 1.5200 may act as buffer prior to fueling prices towards 1.5260. Should pair Bulls continue propelling the upside momentum beyond 1.5260, chances of witnessing 1.5350 can't be denied.


During its strong recovery from 72.70, the NZDJPY managed to surpass a year-long 79.30-40 horizontal region on Friday; however, overbought RSI may drag the pair away from closing beyond 79.40. If this happens, the 79.00 & 78.45 are expected nearby supports to watch, breaking which 61.8% Fibonacci Retracement of December 2015 – June 2016 downside, at 77.90, and the 77.70 can come into play. Should prices dip below 77.70, there are multiple supports to observe between 76.90-80 region, which if broken could extend the pair's south-run to 76.00 round figure. Alternatively, a daily close beyond 79.40 can quickly flash 80.00 psychological magnet on the chart which may be followed by 80.30, 81.00 and the 81.25 resistance levels. In case of the pair's successful up-move above 81.25, it becomes capable enough to challenge 82.00, 82.90 and the December 2015 high around 83.40..

Even after breaking an immediate descending triangle formation, NZDCAD still needs to surpass the 0.9510 resistance to confirm its up-move towards 0.9540, comprising 61.8% Fibonacci Retracement of its October – November upside. If the pair breaks 0.9540, the 0.9585-90 and the 0.9620 may please Buyers before offering them 0.9650 mark. Moreover, pair's sustained trading above 0.9650 can pause around 38.2% Fibo level of 0.9690, clearing which 0.9730 and the 0.9770 quotes might become acceptable. Meanwhile, pair's pullback can revisit 0.9470 and 0.9455 adjacent rests prior to testing the formation support around 0.9425. Given the pair drops below 0.9425, the 0.9385 horizontal support can provide breathing space to the Bears prior to pleasing them with 0.9335 and the 0.9300 downside figures.

Cheers and Safe Trading,
Anil Panchal

Friday, 25 Nov, 2016 / 11:48

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