NZD appears to be holding above strong support against the US dollar even as the RBNZ held interest rates steady at its meeting on Wednesday. What is the outlook and what are the key levels to watch in NZD/USD, GBP/NZD, and NZD/JPY?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Aug 30, 2023 when Oil - US Crude traded near 81.43.Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Aug 30, 2023 when Oil - US Crude traded near 81.43.
On technical charts, NZD/USD is holding above key converged support, including a downtrend line from March, the median line of a declining pitchfork channel since May, and the September low of 0.5860. In order to confirm that an interim low is in place, NZD/USD needs to break above immediate resistance at 0.6000-0.6050, including the June low and the end-September high. Until then, the path of least resistance could be sideways to down.
GBP/NZD has retreated from strong resistance on the 200-month moving average, roughly coinciding with the 2020 high and a downtrend line from 2006. The fall below the Ichimoku cloud on the daily charts is a sign that the upward pressure has faded in the interim. Strong support is on the 200-day moving average .
The sharp retreat in recent sessions reinforces that NZD/JPY remains within the two-month range of 85.00-90.00. This follows a failure last month to break above the July high of around 90.00. Further downside could be limited to the August low of 85.85, with strong support on the 200-day moving average, near the July low of 85.00.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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