New Zealand Dollar Sell Off Tests Key Support

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    Thanks explains the AUDUSD NZDUSD split – that daily is telling, would it not need an AUDUSD over 7980 to get through it given general USD weakness?


    For the kiwi there is also the election risk which is due on September 23

    The probability of either of the two largest parties obtaining an outright majority is extremely low which adds to problem of getting things done. From there government policy (or lack thereof) may potentially serve as a headwind to growth.

    The pre election revision and NZ government having already revised lower its forecast for growth but any poor economic data in next month will undermine even that IMO


    $NZDUSD below the 100 day MA 0.72389 to a low of 0.71668, and below the 50% of the move up from the May 11 low0f 0.71874. At the end of August and into September however we got failure and have bounced back over. fall below the 50% also failed and it has led to a corrective rebound.  


    Kiwi has a double bottom today and the low from Tuesday at 0.7166. From there it tested confluence, 100 hour MA at 0.7232, the high from yesterday at 0.72383 with the high 0.72387. Above is the 100 day MA at 0.7246 and the 200 hour MA at 0.7272. 

    Pretty clear S&R

    On the downside the 200 DMA is at 0.71483.  

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