Yahoo Finance Technical Outlook of Important NZD Pairs: 10.01.2018
NZD/USD
If we observe the NZDUSD’s recent up-moves, it can be known that the five-month old descending TL, at 0.7185 now, isn’t the only barrier that the pair has to clear in order to justify its strength as the 0.7205-10 horizontal-region is another resistance that may confine its north-run. As a result, the quote has to offer a daily closing beyond 0.7210 should it aim to mark 0.7250 on the chart else chances of its comeback to short-term ascending trend-line support of 0.7130 can’t be denied. In case if the pair declines below 0.7130, the 0.7100, the 100-day SMA level of 0.7055 and the 0.7025 are likely following rests that it may avail. Alternatively, pair’s up-moves beyond 0.7210 can target 0.7250 and the 0.7300 round-figure ahead of pushing buyers to aim for 0.7340, the 0.7370 and the 0.7400 consecutive resistances.
GBP/NZD
With the GBPNZD’s recent break of 1.8800–1.8785 support-confluence, comprising 100-day SMA, the pair seems more inclined towards testing 1.8690 and then the 1.8560 support-levels. However, pair’s further downside below 1.8560 might find it hard to conquer the 200-day SMA level of 1.8390, which if broken could fetch prices to the 1.8300 and the 1.8170 supports. Should the pair defies latest breakdown by closing above 1.8800, the 1.8950, the 1.9000 and the 1.9070 could be recalled but the 50-day SMA level of 1.9185 and the 1.9245-65 region might try to restrict its up-moves then after.
AUD/NZD
Even if failure to surpass two-month old descending trend-line resistance dragged the AUDNZD to the lowest in a month, the 1.0855-65 horizontal-area might limit the pair’s further downside. With this, the pair’s pullback to the 1.0910 and then to the 1.0970 become more expected, breaking which the 1.1000, the 1.1025 and the 1.1045 trend-line may gain investor attention. Meanwhile, break of 1.0855 may not take much time to register 1.0820 and the 61.8% FE level of 1.0785 as supports. Moreover, pair’s extended south-run below 1.0785 can please sellers with 1.0740 and the 1.0700 numbers.
NZD/CAD
NZDCAD’s reversal from 0.8855-60 horizontal-line presently helps the pair to run towards 0.9000 psychological magnet but the 0.9020 and the 0.9035 may restrict its follow-on advances. Given the pair’s ability to surpass the 0.9035, it becomes capable enough to challenge the 61.8% FE level of 0.9100. On the downside, the 0.8930 and the 0.8900 can act as immediate supports for the pair, breaking which it can re-test the 0.8860-55 support-zone. If Bears refrain to respect the 0.8855 mark, the 0.8810 and the upward slanting TL figure of 0.8760 seem important to watch.
Cheers and Safe Trading,
Anil Panchal
This article was originally posted on FX Empire
