NZDUSD

Forex Trading: NZDUSD making new lows as the dollar gets stronger

Greg Michalowski — Tue, 29 Jul 2008 09:51:23 -0400

The NZDUSD is making new lows. The pair has been trading around the 50% retracement level (at 0.7427) since the break after the RBNZ ease last week. The move today is a break from this support level.

The next target on the daily chart is the 0.7243 where the 61.8% retracement level is located.

On a shorter term perspective there is a low set on October 22nd 2007 that comes in at 0.7363 and another low from September 25th at 0.7303. These levels may find some inital support.

Forex Trading: NZDUSD moving to new lows for the day - testing old lows from the past

Greg Michalowski — Thu, 24 Jul 2008 13:14:12 -0400

The NZDUSD is testing the low price going back to January 22nd, 2007. The level comes in at 0.7382. The low today is 0.7385.

The pair has been pressured today from the cut in rates by the New Zealand Central Bank. The expectation is that the central bank will continue to cut short term rates in reaction to overly contractionary monetary policy.

Forex Trading: NZDUSD has rebounded from the low. Eyeing the midpoint as resistance

Greg Michalowski — Wed, 23 Jul 2008 17:43:52 -0400

After a sharp move lower, the rule of thumb is to use the midpoint of the last move down to gauge resistance. The midpoint comes in at 0.7468. Watch this level into the evening.

The cut should be the start of a series of cuts as the monetary policy in the NZ is restrictive and inflation is contracting the economy more.

Forex Trading: NZDUSD moves around trendline support as the market prepares for the rate announcement

Greg Michalowski — Wed, 23 Jul 2008 12:26:22 -0400

The NZDUSD dipped below trendline support at 0.7506 but has been able to climb back above the level.

Tonight at 5:00 PM the central bank will be make their interest rate announcement. The possibility of a cut has been building of late and as a result the NZD as been pressured. Of course, the dollar strength has contributed to the NZDUSD weakness as well.

A cut should pressure the pair further as the market would anticipate further cuts down the road. An unchanged policy will most likely lead to a pop higher. Comments will also be eyed.

Forex Trading: NZDUSD moves above the .7603 resistance. EURUSD continues its march higher

Greg Michalowski — Mon, 21 Jul 2008 15:54:47 -0400

The NZDUSD was able to move back above resistance at the 0.7603 level. Support now at the level.

EURUSD after moving above the 200 hur moving average in the morning at the 1.5843 level, the pair has steadily moved higher. The pair has slowed down as the level approached the earlier high at 1.5908. A break should lead to further buying.

Forex Trading: NZDUSD Testing 50% resistance again

Greg Michalowski — Mon, 21 Jul 2008 14:44:57 -0400

The NZDUSD is testing the 50% midpoint of the move up from the June 13th low. The level comes in at 0.7603 (see previous post). Watch this level as we move into the close for the day.

Forex Trading: NZDUSD approaches support at 0.7603

Greg Michalowski — Mon, 21 Jul 2008 09:09:17 -0400

The NZDUSD is approaching the midpoint of the move higher from the lows on June13th. The level comes in at 0.7603

Forex Trading: NZDUSD testing key support again

Greg Michalowski — Fri, 18 Jul 2008 10:49:08 -0400

Yesterday the NZDUSD dipped below the 50% retracement and the 200 hour moving average but bounced back above the key levels. Now, the two indicators are at the same level of 0.7622. The level is being tested now. I expect support there.

Next Wednesday evening the Reserve Bank of New Zealand will meet to discuss Monetary Policy. The expectation is for no change in rates. If there is a surprise it would be a cut and/or dovish comments as the economy is slowing and rates are overly restrictive despite the rise in inflation.

Forex Trading: NZDUSD at key level...

Greg Michalowski — Thu, 17 Jul 2008 13:43:40 -0400

Testing 200 hour MA now at 0.7611. A break should lead to further liquidation.

Forex Trading: NZDUSD approaching key support

Greg Michalowski — Thu, 17 Jul 2008 13:16:05 -0400

The NZDUSD is approaching the 50% retracement support level and below that level the 200 hour Moving average. The key levels are 07622 and 0.7611 respectively. Expect support at these levels.