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Daily Financial Market News

Wed, 20 Sep 2017 16:10:00 GMT

NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP

NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP Menu    Search DailyFX Home   Rates   Charts Market News        Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Technical Analysis        Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Calendars        Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS Toggle navigation News News   Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound Bitcoin Prices Under Pressure- Time to Buy? 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News Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Gold Price Drop May Resume on Steady FOMC Policy Outlook Crude Oil Prices Remain Bid as Iraq Hints at More OPEC Measures BITCOIN BITCOIN Low ------ High ------ View More Note: Low and High figures are for the trading day. News Bitcoin Prices Under Pressure- Time to Buy? Near-term Setups in EUR/USD, Bitcoin & Ethereum Pound Surges, Bitcoin Plummets Ahead of Pivotal FOMC Meeting View More   More Real-Time News Facebook Twitter Youtube Google + NZD/USD Testing Key Resistance Barrier Ahead of FOMC, New Zealand GDP by  Michael Boutros, Currency Strategist  Short term trading and intraday technical levels Connect via: To receive Michael’s analysis directly via email, please SIGN UP HERE Kiwi approaching critical resistance- rally vulnerable near-term while below 7400 Check out our NZDUSD quarterly projections in our Free DailyFX Trading Forecasts Join Michael for Live Weekly Strategy Webinar s on Mondays at 12:30GMT NZD/USD Daily Chart Technical Outlook: We noted that NZDUSD was testing confluence support late-last month at the 200-day moving average with the subsequent rebound now approaching key near-term resistance at 7390/95 . This region is defined by the 61.8% retracement of the July decline & the 100% ext of the September advance and converge on a pair of parallels today (technically significant level). New to Forex? Get started with this Free Beginners Guide NZD/USD 2 4 0min Notes: A closer look at price action sees Kiwi trading within the confines of an ascending channel formation with the near-term slope resistance further highlighting this resistance range just head of the 74 -handle. Interim support rests with the weekly opening-range high at 7345 with a break sub 7247 / channel support needed to shift the focus lower again. Bottom line: the long-side is vulnerable heading into this resistance region and we’ll be looking for a reaction off that mark as we head into today’s FOMC interest rate decision and New Zealand 2Q GDP figures later this afternoon. From a trading standpoint. I’d be looking to fade strength (sell-rallies) while below this resistance threshold. That said, a breach higher from here invalidates the reversal play with such a scenario targeting the 2016 high-day close at 7450 and another significant Fibonacci confluence region at 7515/17 . Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here! A summary of IG Client Sentiment shows traders are net-short NZDUSD- the ratio stands at -1.02 (49.6% of traders are long) – weak bullish reading Long positions are 13.0% lower than yesterday and 17.0% lower from last week Short positions are 5.3% higher than yesterday and unchanged from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZDUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger bull ish contrarian trading bias from a sentiment standpoint. See how shifts in r etail positioning are impacting NZDUSD price trends - Click here to learn more about sentiment! --- Relevant Data Releases Check out this week’s DailyFX Webinar Schedule Other Setups in Play GBP/JPY Breakout Approaching Initial Resistance Hurdles FX Markets Gear Up for FOMC; USD Hangs by a Thread Bitcoin Prices Continue to Bleed- Levels to Know as Crypto Collapses Ethereum Prices Search for Support as Adoption Doubts Intensify EUR/USD Battle Lines Drawn - Written by Michael Boutros, Currency Strategist with DailyFX Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. DISCLOSURES Related Articles Previous Articles From scalping report Related Prev Articles   Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound   Bitcoin Prices Under Pressure- Time to Buy?   AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike   FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed   US Dollar Bottoming Process May Finally Be Starting   GBP/JPY Breakout Approaching Initial Resistance Hurdles   Bitcoin Prices Continue to Bleed- Levels to Know as Crypto Collapses   Ethereum Prices Search for Support as Adoption Doubts Intensify   EUR/USD: Battle Lines Drawn   Technical Setups for the Week Ahead as DXY Flirts with Disaster Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous

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