Advertisement
Advertisement
The Most Profitable Forex Advisors 2019
Expert%20Advisor
Advertisement
FortFS
XM.com - Trade Forex with up to 1:888 Leverage and up to $5000 Bonus.
FXRank technical section offers a profound and in-depth text and video Forex and Commodities technical analysis reports done by professional analysts with a great understanding of the market
Advertisement roboforex

NZD/USD bulls target a break of daily resistance

Written by By Ross J Burland | 2021-05-04 01:25:10 GMT
  • NZD/USD bulls are in town but the resistance could hold.
  • The M-formation has been completed, so it is make or break time for the pair.

NZD/USD is currently trading at 0.7194 and between a range of 0.7186 and 0.7203. Overnight, the pair rose 0.6% to 0.7205 as the greenback to a back seat, pressured as investors look towards a week full of key US data.

The USD gave up on month-end gains and US bond yields fell which was a double whammy ahead of this week's Nonfarm Payrolls data. 

Meanwhile, we are trading in thin market conditions so moves can be over-exaggerated.

Most of Asia and Europe out for the May Day holidays or the equivalent.

As for the first cohort of critical data, the US ISM data softened but is still strong in level terms, according to analysts at ANZ bank. 

''The prices paid component ticked up, fuelling the inflation thematic that has been driving markets and calls for earlier central bank rate hikes, which could dent risk appetite and the NZD’s prospects if sustained.''

The analysts also argue that the next few days could be volatile, with the Q1 HLFS data out tomorrow.

''With the Reserve Bank of New Zealand looking for more surety before it makes its next move, the data won’t deliver definitive answers, but it’ll shape the narrative in the near term.''

NZD/USD techcial analysis

 

As for the technicals, the solid support is compelling as given the confluences.

Following the recent completion of the M-formation, the resistance might give but it could also see bull's struggle the first attempt resulting in a restest of support. 

Author

By Ross J Burland
fbs

Start Trading With Top Industry Brokers

Broker Profile Open Account
XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    octafx
  • Offer: 50% Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FCA (UK), 679306 IFSA (St. Vincent and Grenadines), 19776 IBC 2011
  • octafx
    EXNESS
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:2000
  • Broker Type : STP/ECN
  • Regulation : CySEC, 178/12 IFSA (St. Vincent and Grenadines), 21927 (IBC 2014)
  • EXNESS
    InstaForex
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:2000
  • Broker Type : STP/ECN
  • Regulation : RAFMM
  • InstaForex
    FBS
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : STP/ECN
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS
    FXTM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : STP/ECN
  • Regulation : CySEC, 185/12 FCA (UK), 600475
  • FXTM

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    EXNESS
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:2000
  • Broker Type : STP/ECN
  • Regulation : CySEC, 178/12 IFSA (St. Vincent and Grenadines), 21927 (IBC 2014)
  • EXNESS
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    HotForex
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : CySEC, 183/12 FSC (Mauritius), 094286
  • HotForex

    Contact us
    fxrank.net@gmail.com