Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5973
    -0.0002 (-0.04%)
     
  • NZD/EUR

    0.5540
    +0.0007 (+0.13%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,372.89
    +204.82 (+0.51%)
     
  • NZD/JPY

    90.3190
    -0.0740 (-0.08%)
     

GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942

DailyFX.com -

Talking Points

GBPNZD Daily

GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942
GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPNZD fails second attempt at a breach into new highs

  • Risk remains to the downside sub-2.3942 (high-day close) – bearish invalidation

  • Key support objectives at 2.3346 & 2.3206

  • Momentum divergence into last month’s high- hold sub 60 - bearish

  • Event Risk Ahead: New Zealand Retail Sales tonight

GBPNZD 30min

GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942
GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942

Notes: GBPNZD has continued to fail at the yearly high with a pair of median-line structures off the highs keeping the short-side in focus near-term below confluence resistance at 2.3835. Interim support rests at 2.3713 backed by 2.3520/30. Key support objectives eyed at confluence regions into 2.3363 & 2.3206.

ADVERTISEMENT

We’ll be looking sell rallies / RSI support trigger breaks while sub- 2.3835 with a breach above the high-day close at 2.3942 needed to put the long-side scalp bias back into play. Keep in mind that this is a wider range scalp with a quarter of the daily average true range yielding profit targets of 76-80pips per scalp. Caution is warranted heading into New Zealand event risk tonight with the release of the 2Q Retail Sales figures likely to fuel added volatility in the kiwi crosses.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942
GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

http://www.dailyfx.com/calendar?tz=0&sort=date&week=2015%2F0809&eur=true&usd=true&jpy=true&gbp=true&chf=true&aud=true&cad=true&nzd=true&cny=true&high=true&medium=true&low=false?CMP=SFS-70160000000NbU1AAK


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.