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Trade view / 13 September 2017 at 1:21 GMT

NZDUSD's upside 'surprise' may lie ahead

Managing Director / Technical Research Limited
New Zealand
Instrument: NZDUSD
Price target: 0.7538
Market price: 0.7260
Background

NZDUSD jumped yesterday after a poll showed the ruling National party had a 10 point lead heading into New Zealand’s September 23 election.

However, bookmakers have it too close to call as 37-year-old Labour party leader Jacinda Adhern continues to get a lot of media attention.

The next poll is out on Thursday at 1800 local time.
 
Otherwise, it’s a quiet week for local data and for NZDUSD the main economic event on the horizon is Thursday’s CPI report out of the US.

Expectations are the annual headline rate will hold steady at 1.7% and the core rate drop marginally to 1.6%. These numbers will have to miss on the upside to give USD a boost.

Management and risk description

The Kiwi’s price action over the past four weeks displays a potential bottoming structure (refer hourly and daily charts below) and with support now at 0.7260/0.7220, looking for rally above 0.7320/0.7335 resistance to complete this consolidation and herald a strong rally onto the 0.7400 level, en route to the mid 0.7500’s over the coming days and weeks.

Parameters

Entry: Today the NZD is seen as a buy at market (0.7260) 

Stop: just below 0.7220, initially

Target: 0.7538

Time horizon: allow a few weeks for target to be met


NZDUSD hourly chart (click to expand)
NZDUSD Hourly chart
 
NZDUSD daily chart (click to expand)
NZDUSD  Daily chart
 

NZDUSD weekly chart (click to expand)
NZDUSD Weekly Chart
Source, all charts: ThomsonReuters  


— Edited by Adam Courtenay

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
13 September
marran marran
im a bit late to the party as the price is going up but im in on this trade. How do you see the Audnzd playing out over the next few days
13 September
sutiani sutiani
morning,aud/usd still stop loss below @0.7965.thank you
14 September
Max McKegg Max McKegg
welcome to request my full Daily FX Trading Forecasts and Analysis. My contact details under Bio on TRadingFloor
14 September
BHASKAR REDDY BHASKAR REDDY
now NDUSD. IS UPSIDE ?
14 September
vyacheslav111 vyacheslav111
Hi ! Can I buy now ?
14 September
nsp nsp
Hi , i have taken buy entry at 0.7247 and hedge it at 0.7233. can you please advice me the levels that will help me to come out.
14 September
vyacheslav111 vyacheslav111
Sell now 0.7243 stop 0.7265
14 September
Gbpaud Gbpaud
it did not go well

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