The New Zealand Dollar is struggling to sustain upward momentum having recovered to the highest level in two months against its US counterpart. A choppy range has been carved out below trend-defining resistance, hinting that recent gains might be corrective within a still-valid downward trend. From here, a daily close above trend line resistance in the 0.7024-43 area opens the door for a challenge of the 38.2% Fibonacci retracement at 0.7078. ...
NZD/USD has fallen hard in the past five trading days down nearly 400 pips. A strong move of this nature suggests NZD/USD may be in an impulsive wave lower. The move lower appears incomplete and the next cluster of wave relationships shows up near .65-.66. The Elliott Wave model we are following suggests we are in a wave (iii) lower. Third waves tend to be the longest and strongest of the Elliott Wave sequence. Therefore, it should ...
The New Zealand Dollar broke below trend line support guiding the move higher against its US cousin since mid-May, hinting a significant reversal is in the works. The move lower may reflect pre-positioning ahead of the upcoming RBNZ monetary policy announcement. The next layer of significant support comes in at 0.7276, the 38.2% Fibonacci retracement. A daily close below that opens the door for a challenge of the 50% level at 0.7188. Alternatively, ...
EUR/USD Weekly EUR/USD continues to trade on a long term parallel and the weekly wicks (key reversal this week) denote active support. I don’t like being a bear in the face of active support at a well-defined parallel… As always, define your risk points (read more about traits of successful traders here). GBP/USD Weekly GBP/USD needs to take ...
NZD/USD -FXTW wrote last week that “higher highs and higher lows since August 2015 leaves NZD/USD in an uptrend but be aware of a wall near .71. .7100 is home to a long term median line, 2011 low (.7114) and 1996 high (.7148). The higher highs and higher lows since August are contained by converging trendlines so price action since August 2015 could form a wedge.” High for the post-RBNZ move was .7147. The ‘general area’ of resistance probably ...
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