Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

NZD Shines Again

ByAxiory
AuthorTomasz Wisniewski
Published 08/27/2020, 07:10 AM
Updated 01/03/2021, 09:10 AM

In today’s Trading Sniper video, we will focus on the strength of the New Zealand Dollar. NZD is coming back to life after rather unsuccessful past few weeks. All this is happening rather without any support from the fundamentals. We did not have any important news from the New Zealand economy, actually if so, then negative as New Zealand stock exchange is halted for the third day following the cyber attack. Currency does not care about that though and the buyers are continuing the shopping time.

We will start with the NZD/USD, where the pair is climbing higher after the bullish breakout of the upper line of the flag. That gives us a buy signal with a potential target on the long-term down trendline. The chances that we will get there are pretty high.

Now GBP/NZD, where the price is going lower after creating the head and shoulders pattern. We already broke the up trendline and the neckline of this formation. The sentiment is negative and the price should go as low as to 38,2% Fibonacci.

EUR/NZD is having pretty much the same situation. We also have a head and shoulders pattern with the already broken neckline. After the breakout, the price fell sharply and is currently aiming the mid-term up trendline. It looks like we will get there pretty soon.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.