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Important NZD Pairs Technical Update: 02.08.2017

2 August 2017 09:21 PM BDT
 Important NZD Pairs Technical Update: 02.08.2017
NZDUSD

Following its break of 0.7455 horizontal line, the NZDUSD now rests around a month old upward slanting TL support of 0.7420, break of which can quickly fetch the quote to 0.7390 and then to the 0.7360 support levels. Should there be additional downside by the pair after clearing 0.7360, the 0.7300, the 0.7275 and the 0.7240 are likely stops that it can avail before meeting the 0.7200 round figure. In case if the TL manages to trigger the pair's pullback, the 0.7455 can act as immediate resistance that prices need to surpass prior to confronting the 0.7490 and descending trend line, at 0.7515. Given the pair's ability to rise beyond 0.7515, it can challenge the July high of 0.7560 and aim for 61.8% FE level of 0.7600.

EURNZD

Unlike NZDUSD, which is struggling with support line, the EURNZD already cleared a ten week old horizontal line and is running towards 1.6000 psychological magnet. However, the 1.6015 20 might limit its following advances, failing to which can accelerate the pair's recovery to 1.6150 and then to the May month high around 1.6235. Meanwhile, 1.5890 – 1.5900 horizontal line can restrict the pair's nearby downside, breaking which could shift sellers' attention to 1.5820 and to the 1.5780 supports. During the pair's additional south run following 1.5780, the 1.5720 and the 100 day SMA level of 1.5590 should be watched carefully, which if not respected can extend its downward trajectory to 1.5480 and ascending trend line support of 1.5420.

GBPNZD

GBPNZD is another pair which stands strong against the NZD, like EURNZD; though, 1.7865 75 resistance confluence, comprising two month old descending trend line and a horizontal line, might limit its additional up moves. If at all the pair successfully clears 1.7875, it can easily climb up to 1.7900 and the 1.7950 55 resistances ahead of aiming the 1.8000 psychological mark. On the downside, 1.7750 seems at hands reach on the pair's U turn, passing which can drag it to 1.7700 and the 1.7650 45 rest points. In case of the pair's sustained downtrend after 1.7645, the 1.7550 and the 1.7490 should comeback on the chart.

NZDJPY

Break of six week old ascending trend line signals brighter chances for the NZDJPY's dip to 81.70 65 horizontal line; however, overbought RSI might limit the pair's additional declines, which if not respected could attract sellers towards 81.30 and the 81.00 supports. During the pair's further downside after 81.00, the 80.20 and the 80.00 seem to appear on Bears' radar. Alternatively, the support turned resistance line of 82.60 and the 83.00 round figure can entertain counter trend traders before challenging them with 83.15 20 resistance region. Given the buyers' dominance remain intact after 83.20, the July high, around 83.90 holds door to accelerate the pair's upward trajectory towards 61.8% FE level of 84.95 – 85.00 zone.

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