I think the support was at the .8050 area, however i’m hoping that the trade will still play out positive or at least break even since it went as far as .8122 overnight.
Now here’s a potential retracement play with the Kiwi. On the longer-term time frame, the pair appears to be retracing to the nearby support level around .8050. Note that this level acted as resistance in the past and is in line with the 38.2% Fib level. Let’s see if Kiwi bulls have what it takes to push this pair back up!
Here’s an update on the daily chart that I was watching last week. NZD/USD is still lingering around that potential support zone near the .8000 major psychological handle. Coincidentally, that’s also around the 50% to 38.2% Fibs, which acted as resistance levels in the past. Would the Kiwi make a more convincing bounce this time?
I`ve been watching that pair for more than a month now - considering all the news that were released in that time I think the next target will be at least 0,618 support.
Here’s one for the Kiwi bulls out there! NZD/USD is not only testing a rising trend line on the daily chart, but is also sporting a bullish divergence just as Stochastic is turning in the oversold region. A tight stop would provide a good R:R, but you can always wait for more signals if you want to jump in!
Kiwi is currently perched at the top of the falling channel, which could hold as resistance for the pair. At the same time, stochastic is heading out of the overbought region, showing that Kiwi bears are currently in power. I’m seeing a slight bearish divergence from the previous high too, as stochastic made a higher high lately. Are these signals enough for a short trade?
Kiwi takes flight again today .It always amazes me how such a small country can have such a strong curency,I suppose being a soft comodity based country, unlike OZ which is a hard based comodity contry,they’re in a better position.
I’m thinking it’s just more of anti-USD sentiment these past few days as traders anticipate QE3 from the Fed. Plus, can’t resist that nice carry trade too!
Lemme check that AUD/NZD chart to see how Oz and NZ are doing comparatively…
Looks like the Kiwi is in for more gains! If you look at the 4-hour chart, that is. NZD/USD just formed a long-legged doji on the 4-hour chart while it’s consolidating near the 38.2% Fibonacci retracement. What’s more, Sotchastic also looks like it’s gunning for the oversold region! Keep a close eye on this one, friends!
Really nice work yet again Happypip.As with the AUD more bad news from china/ Japan and their goings on we could see further falls on the kiwi.
Had a look at the AUD/NZD we mentioned,quite interesting really as you can definetly see a nice downtrend over quite a while on the pair ,may be worth a long term short what do you recon Happypip ?
How far do you think AUDNZD will drop? to 1.24? As AUD is receiving bad news and i foresee more to come.
Well I see next reistance is 1.2316 but who knows ,I dont see any real reason for it to go up,saying that I see stochastic is on oversold on the daily ,what do you think Happypip?
If we close where we are now or lower we will have broken below a 4-year rising trend line support and it would be an inside bar break lower. I’d look for a retest of the rising trend line as resistance…a rejection here and Im short
Will the Kiwi bounce back up this week? NZD/USD is currently moving inside a falling channel on it’s 4-hour time frame and it just bounced from the bottom. However, stochastic is in the overbought region, suggesting that Kiwi bears could push this pair lower later on.
same as with the AUD,with the woes of the Eurozone and china slowdown its not looking good for the kiwi,dont forget tonights trade balance figures out of NZ which could be a mover for the pair.
I agree with you, mate! As long as this risk off environment lasts for the next few days, we just might see a strong Kiwi selloff. I’ll keep an eye out for those trade balance figures for sure though!
I thought i post something interesting for us to discuss.
What are your reactions on this chart?
All interesting stuff and a nice picture of a butterfly thrown in:59: