The New Zealand Dollar Weakens Against Major Peers

• 17 Apr 2018

EUR/NZD

The EUR/NZD pair is testing the 1.684 price level after several bullish candles indicate a reversal in price action. The pair has also broken the low price SMA. RSI has a sharp upward trajectory and MACD indicates a momentum reversal.

GBP/NZD

The GBP/NZD pair did indeed break the 1.940 price level in yesterday’s trading. The pair is now testing the 1.956 price level and a break would be significant as this price level represents a recent market top. Momentum indicators suggest there is still room for further upside.

Impact event: U.K. Average Earnings Index data will be released 11:30 GMT+2 and will impact all GBP pairs.

NZD/CHF

The NZD/CHF pair has begun to reverse against a previous bullish run. The pair has retraced to break the 0.707 price level to the downside after a brief bullish break. RSI has moved away from overbought levels at the 70 line and is beginning a downward trajectory.

NZD/USD

The NZD/USD pair has begun to retrace from a bullish position and is testing both the 23.6 Fibo level and the 0.733 price level. A break of this level will provide weight to the bearish move. RSI has a downward trajectory and has moved away from overbought levels. Declining volume may suggest that sellers will not have the conviction to push prices much lower and that the retracement may be short-lived.