Short term
Trade view / 08 March 2018 at 0:23 GMT

NZDUSD shows potential to retest this year’s high

Managing Director / Technical Research Limited
New Zealand
Instrument: NZDUSD
Price target: 0.7427
Market price: 0.7285

The New Zealand data calendar is quiet this week and Australia's GDP result didn't spark any action in the Aussie dollar. So NZDUSD will be driven by US data into the weekend.

Top of the list will be Friday's jobs number and wage data. Expectations are for 190,000 jobs added, similar to the average gain over recent months, and more than enough to absorb new entrants to the workforce. Therefore the US unemployment rate should continue to drift down to under 4%.

Developments in the "trade war" arena and on Wall Street in general will also have an impact on the US dollar.

Management and risk description

The Kiwi dollar displays a potential short-term bottoming structure (inverse head & shoulders reversal pattern – see hourly chart below), with support now at 0.7255/.7240, looking for rally above resistance at 0.7300/0.7310 and on to 0.7350, en route to the key resistance level at 0.7435.


Kiwi is today seen as a buy at 0.7285/0.7270.

Stop: under 0.7240, initially.

Target: 0.7427.

Time horizon: allow up to a few weeks.

Hourly NZDUSD chart (please click to expand)
NZDUSD  Hourly Chart
Source: ThomsonReuters

Weekly NZDUSD chart (click to expand)NZDUSD Weekly Chart

Source: ThomsonReuters. Create your own charts with SaxoTrader; click here to learn more.

For more on forex, click here.

— Edited by Robert Ryan

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A compiled overview of Trade Views provided on is found here
08 March
Max McKegg Max McKegg
not working out as planned so Stopping out at 0.7260 (small loss only) to reaccess
08 March
Acho Acho
good idea
09 March
marran marran
i took a small loss but have gone back in and showing small profit, might move my stop to break even
12 March
marran marran
any thoughts on re opening this trade idea max?


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