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FX Tehnicals: NZD/USD, GBP/CAD

ByMatt Simpson
Published 03/13/2015, 07:35 AM
Updated 07/09/2023, 06:31 AM

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TECHNICAL ANALYSIS:

NZD/USD: Potential Topping Pattern below 0.7443 resistance

NZD/USD

Currently trading above the daily pivot and within yesterday;s range we do run the risk of an uneventful start to the session as we await US data tonight. However if we get a clear break below the Daily Pivot and the 0.736 swing low then we could assume a Double or Triple Top (depending on how long this drags out).

- The downside bias is preferred due to 0.7443 being a strong area of resistance.
- The target coincides with 0.728 support zone which makes it a place to consider booking profits.

GBP/CAD: The downside prevails

GBP/CAD

The move down from the 1.912 highs has established an impulsive looking trend which would imply there is more to come. It has however found interim support at MS1 and now drifting towards the 1.8935-56 resistance zone (38.2%, 5.% and Daily Pivot). If we see a rally towards here I would then look for any signs of weakness to fade initial an anticipated move lower, targeting 1.8800-29

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