Technical Outlook For Important NZD Pairs: 10.10.2018

NZD/USD

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Having failed to clear immediate descending resistance-line, NZDUSD rests on 0.6460 support, breaking which it’s drop to 0.6420 can’t be denied. Should prices continue declining past-0.6420, the 61.8% FE level of 0.6390, followed by 2016 low around 0.6345, can please the Bears. On the contrary, uptick beyond 0.6490 TL may have to struggle with 0.6500 horizontal-barrier to aim for the 0.6540-45 and the 0.6570 resistances. However, pair’s rise after 0.6570 could find it hard to clear the 0.6590-0.6600 region, which if broken opens the door for its rally to 0.6630 & 0.6660 north-side numbers.

EUR/NZD

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Even after bouncing off the 1.7725 support-line, the EURNZD is less likely to extend its recovery as the 1.7820 horizontal-resistance stands tall to disappoint buyers. If the pair manage to surpass the 1.7820 hurdle, the 1.7870 and the 1.7930 can entertain Bulls prior to pushing them towards 61.8% FE level of 1.8000. Alternatively, pair’s dip beneath 1.7725 support can drag it to the 1.7670 and the 1.7600 rest-points. Though, an upward slanting TL, at 1.7530, might challenge the sellers, failing to which could recall 1.7475 & 1.7400 levels on the chart.

GBP/NZD

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Resistance-line of more than two-year long “Rising-Wedge” formation seems restricting the GBPNZD’s upside near 2.0400 at the moment whereas overbought RSI signal brighter chances of the pair’s pullback. As a result, 2.0030 and the 200-week SMA level of 1.9740 might gain market attention if the quote takes a U-turn. In case the pair stretch its south-run below 1.9740, the 1.9530 and the 1.9180 may become the highlights. Given the pair’s ability to close beyond 2.0400, it can run to 2.0620 & 2.0700 resistance-levels. Additionally, successful rally above 2.0700 could help target the 2.0860 and the 2.1000 landmarks.

NZD/CHF

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NZDCHF’s inability to hold recent advances can fetch it to 0.6390 but 0.6365-70 might confine the pair’s further downside. If prices refrain to respect the 0.6365 support, the 0.6345, the 0.6310 and the 0.6300 round-figure should be looked if having short positions. Meanwhile, pair’s rise above 0.6435 can fuel it to 0.6465 before questioning the strength of 0.6495 descending TL & 0.6510-15 resistance-area. Given the optimists dominate momentum above 0.6515, the 0.6525, the 0.6540 and the 0.6565 could act as stops during the pair’s surge to 0.6600.

This article was originally posted on FX Empire

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