NZD/USD Continues to Flirt with New Lows

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NZD/USD Continues to Flirt with New Lows

Let’s take a look at the NZD/USD pair which looks ready for bearish continuation, but is still only flirting with fresh lows on the year.

We had 3 bearish continuation signals 1 from before the FOMC’s announcement, and 2 after. Still price is only flirting with new lows on the year, and the market seems tentative, not ready to continue lower ahead of the NFP. If price holds below 1.28, the bias is bearish, and a report that is in-line with expectation should push NZD/USD lower into new lows. A break above 1.28 ahead of the NFP opens up a near-term bullish swing, but the bias is bearish or neutral below 1.29. Above 1.29, we might have a bullish correction ahead if the NFP is in-line with expectations.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.