To receive Ilya's analysis directly via email, please SIGN UP HERE
- NZD/USD Technical Strategy: Flat
- Support: 0.8690 (76.4% Fib ret.), 0.8634 (61.8% Fib ret.)
- Resistance:0.8745-79 (Apr 10 high, 50% Fib exp., May 6 high), 0.8851 (61.8% Fib exp.)
The New Zealand Dollar advanced to a six-week high against its US counterpart in the aftermath of the Federal Reserve monetary policy announcement. Near-term resistance is now in the 0.8745-79 area, bracketed by the April 10 and May 6 highs. A break higher on a daily closing basis exposes the 61.8% Fibonacci expansion at 0.8851. Support is at 0.8690, the 76.4% Fib retracement. A reversal below that opens the door for a challenge of the 61.8% retracement at 0.8634.
Risk/reward considerations argue against entering long with prices sitting just below resistance. On the other hand, taking up the short side is premature absent a defined bearish reversal signal. We will remain flat for now.
Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!
Daily Chart - Created Using FXCM Marketscope 2.0
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.