Youtrading UK
Português Español русский
Register Login
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
No Result
View All Result

NZDUSD Technical Analysis – Turning bullish

by Nathan Batchelor
29 June 2021
in Forex
0
NZDUSD Technical Analysis – Head and shoulders pattern break
433
SHARES
8.5k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The New Zealand dollar bounced back strongly from the 0.6920 area against the US dollar on the foreign exchange market last week after bears failed to hold the pair under the technically important 0.6920 level.

Risk-on market sentiment and a ramp up in commodity price helped lift the NZDUSD pair away from a technical danger zone. Based on the current price action and the US dollar’s inability to hold onto recent gains, I personally favour more gains for the kiwi over the coming weeks.

Digging into the technicals, the NZDUSD pair looks good in the short-term if the price can get back above the 0.7090 level. Interesting, a technical breakout above the 0.7200 level could cause the NZDUSD pair to explode towards a new 2021 trading high.

MUFG bank are also turning bullish towards the New Zealand dollar. A recent analyst report noted “We are recommending a long NZDUSD trade idea. We have been encouraged by the reassuring comments from the Fed leadership over the past week that have helped to dampen fears over a more abrupt tightening of Fed policy.”

MUFG also touched on central bank policy and noted “The NZD should continue to derive more support as well going forward from building expectations of RBNZ tightening.”

On the sentiment front traders have an increasingly bearish bias towards the New Zealand dollar right now. According to the ActivTrader market sentiment tool some 64 percent of traders are bearish towards the NZDUSD pair.

This should be considered a good sign as high levels of bearish sentiment amongst the retail crowd are probably needed in order for a major counter rally and short squeeze to commence.

NZDUSD Short-Term Technical Analysis

The four-hour time frame shows that the NZDUSD pair tested close to the bottom of a large broadening expanding wedge pattern last week. The NZDUSD pair has subsequently bounced from the bottom of the pattern and is looking more bullish, even though bulls are struggling with the 0.7100 area.

According to the overall size of the pattern, a price range of 0.6900 to 0.7800 could be about to play out over the coming week. Bulls ideally need to move the price above the 0.7100 level to get the bull party started.

A sustained break under the mentioned wedge pattern should be considered extremely bearish for the NZDUSD pair and could cause a steeper decline towards the 0.6600 area.

See real-time quotes provided by our partner.

NZDUSD Medium-Term Technical Analysis

Looking at the daily time chart it appears that an extremely large bearish head and shoulders pattern has formed, which is warning of a potential 300-point drop in the NZDUSD pair.

Bulls have moved the price back above the 0.7050 level, which is the neckline of the pattern. The NZDUSD pair is out of the danger zone while the price holds above the neckline of the pattern. Bulls need to move the price above the 0.7460 level to invalidate the pattern.

See real-time quotes provided by our partner.

Tags: NZDUSDRBNZ
Previous Post

US Dollar Index Technical Analysis – Head and shoulders pattern holds

Next Post

Dollar could help USDJPY bounce off support

Next Post
Dollar could help USDJPY bounce off support

Dollar could help USDJPY bounce off support

CALL US

Categories
  • Commodities
  • Economy
  • Forex
  • Index
  • Insights
  • Markets
  • Opening of the Week
  • Sem categoria
  • Stocks
  • World

Site Map

  • Home
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
Português Español русский

A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!

Follow us on social media

Risk Warning

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary.

All Rights Reserved - YouTrading UK 2020

Privacy Policy and Terms and Conditions
  • Home
  • My Academy
    • Register Now
    • Login
  • Markets
    • Opening of the Week
    • Stocks
    • Commodities
    • Forex
    • Index
  • Charts
  • Economic Calendar
  • Economy
  • World
  • Insights
  • About Us
No Result
View All Result

© 2020 YouTrading UK - Leaders in Trader Training.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
__cfduid1 monthThe cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information.
_wpfuuid11 yearsThis cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon.
cf_use_obThis cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires.
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-advertisement1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
CookieDurationDescription
YSCsessionThis cookies is set by Youtube and is used to track the views of embedded videos.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
_gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
_fbp3 monthsThis cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
fr3 monthsThe cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
_gat_UA-42160853-21 minuteNo description
cf_ob_infoNo description
CONSENT16 years 8 months 3 days 6 hours 2 minutesNo description
SAVE & ACCEPT
Powered by CookieYes Logo