Important NZD Pairs’ Technical Outlook: 13.09.2017

September 13, 2017 12:29

NZDUSD

Even if a fortnight long ascending trend-line favors the NZDUSD's upside, the pair needs to surpass the 0.7335-40 horizontal-line in order to aim for the 0.7370 and the 0.7390 resistances. Should the quote clears 0.7390, the 0.7415 and the 0.7455-60 might hinder its follow-on recovery, breaking which prices may advance to 0.7500 and the 0.7530 numbers. In case if the pair witnesses pullback moves from present levels, which is more likely, the 0.7250 can act as immediate support ahead of reigniting the importance of 0.7220 TL figure. Given the sellers' ability to fetch the pair below 0.7220 trend-line, the 0.7180, the 0.7150 and the 0.7130 might comeback on the chart. Moreover, pair's sustained trading beneath 0.7130 could extend its south-run to 61.8% FE level of 0.7070.

EURNZD

Following the EURNZD's bounce from 1.6320-30 horizontal-region, the pair might challenge the short-term descending trend-line resistance of 1.6515, breaking which 1.6555, the 1.6615 and the 1.6670 could act as barriers during its northward trajectory to re-claim the recent high around 1.6690. Given the pair's successful trading beyond 1.6690, it could aim for 61.8% FE level of 1.6770 resistance-mark. Alternatively, the 1.6390 may offer an adjacent rest to the pair, if it reverses from current levels, ahead of dragging it towards 1.6330-20 re-test. However, break of 1.6320 could quickly trigger the pair's drop in direction to 1.6250, 1.6190 and the 1.6150 consecutive supports.

NZDJPY

Although NZDJPY's break of 79.90 failed to surpass 80.30, the pair can't be termed weak unless it again dips below the support-line. As a result, the pair continues being an aspirant to confront with 80.60 line, which in-turn could escalate its up-moves to the 81.00, the 81.40 and the 81.60 resistance-levels. Meanwhile, pair's break of 79.90 may further pressure it to visit 79.40 and the 79.00 round-figure prior to witnessing the 78.70-65 multiple support-zone. During the course of pair's additional downside below 78.65, recent low around 78.20 and the 78.00 round-figure could please the sellers.

NZDCAD

NZDCAD's inability to clear 0.8880 indicates brighter chances of its pullback to the 0.8800, the 0.8750 and the 0.8740 immediate supports; however, its follow-on declines below 0.8740 seems questionable, which if happens could make the quote vulnerable enough to plunge towards 61.8% FE level of 0.8660. On the upside, pair's break of 0.8880 isn't a guaranteed trigger for its advances as a month-old downward slanting trend-line, at 0.8900 now, could provide a tough resistance; hence, clearance of that might enable the buyers to look for the 0.8940, the 0.8980 and the 0.9000 resistances. Should the pair successfully conquer the 0.9000 mark, the 0.9055 and the 0.9155 might entertain the traders.

Cheers and Safe Trading,
Anil Panchal