NZDUSD, EURNZD, NZDCHF and NZDJPY: Technical Overview

NZDUSD

Inability to conquer 0.6900 mark, pulled the NZDUSD back to 0.6600 region, as aptly indicated by the short-term descending trend-channel; though, lower line of the channel, coupled with 38.2% Fibo of its September – October rally, near 0.6645, recently provided a bounce to the pair prices. During its short-term profit booking moves, the 0.6700 and 23.6% Fibo, near 0.6740, are likely upside levels that the pair could witness before targeting the channel resistance, presently near 0.6800 round figure mark. Should the pair manage to sustain 0.6800 break, chances of its quick rally to 0.6850 and 0.6900 can't be denied. Moreover, successful advance beyond 0.6900 may further extend the pair's northward trajectory towards 0.7030 resistance level. On the downside, clear break of 0.6645-50 support area can trigger the pair's fresh decline towards 0.6580 and 0.6530 consecutive supports before it can test the 0.6455-75 important horizontal support region. Given the pair's inability to hold 0.6455, it becomes vulnerable enough to plunge towards 0.6390 (76.4% Fibo) and 0.6330 levels.

EURNZD

With failed attempt to break the 1.6885 – 1.6900 resistance region, encompassing 100-day SMA and 38.2% Fibo of its April – August up-move, the EURNZD plunged to the lowest levels in more than three months; however, 1.6150-40 horizontal support limited the pair's further decline and is currently favoring its pullback rally towards 1.6590 – 1.6600 area. If the pair manage to stretch the recovery rally beyond 1.6600, the 1.6710 can act as a buffer for the pair's up-move towards 1.6885 – 1.6900 important resistance area. Moreover, successful break above 1.6900 on a closing basis can fuel the pair's rise to 1.7250-70 horizontal resistance that can act as strong resistance to limit northward journey. Alternatively, a downside break below 1.6140 can quickly pull the pair to 1.5890 – 1.5900 area, including 200-day SMA, breaking which 1.5700 mark, near to the 61.8% Fibo, may provide intermediate rest to the pair's decline prior to its plunge to 1.5400 support.

NZDCHF

Even if the NZDCHF manage to clear important descending trend-line resistance, stretched from January highs, the 200-day SMA, coupled with the short-term ascending trend-channel resistance, limited the pair's following up-move. Currently, 0.6560-55 can act as an immediate support for the pair, breaking which the previous-resistance-turned-support line and the channel support, around 0.6480-75, becomes an important support to determine the pair's further moves. Should it break the same level on a closing basis, chances of its renewed declines towards targeting 0.6300 mark, encompassing 23.6% Fibo of its January – August decline, becomes brighter. Meanwhile, pair's attempts to break 200-day SMA, presently near 0.6690, are likely to be capped by the 0.6750 level, including channel resistance. Given the pair's ability to surpass 0.6750, the pair becomes capable enough to target 0.6930 level with 0.6800 round figure mark being a buffer resistance.

NZDJPY

NZDJPY's reversal from 82.50-60 resistance area seems finding it difficult to break the 80.50-40 horizontal support, including 100-day SMA and 38.2% Fibo of its December 2014 – August 2015 down-leg. If the pair dips below 80.40, also clears the 80.00 psychological level on a closing basis, it can be considered weaker enough to decline towards 78.80 – 79.00 support region prior to testing 50-day SMA, near 78.10. On a further declines below 78.10 the pair can find multiple supports within 77.00 – 76.80 area. However, bounce from the current levels may witness 81.50 and 82.30 upside numbers before rising to 83.00 – 83.15 horizontal mark, including 50% Fibo. Given the pair's ability to surpass 83.15, it can quickly rise to 84.50-70 resistance area.

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