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Technical Analysis of the New Zealand Dollar The current swing high in NZD/CAD confirms a bullish Falling Wedge pattern. As the technical outlook improves, the downward channel of the NZD/CHF could be broken. AUD/NZD is on track to drop for the fourth week in a row. Technical Analysis of the New Zealand Dollar vs. the Canadian Dollar The technical position of the New Zealand Dollar against the Canadian Dollar has strengthened recently, with NZD/CAD up 0.87 percent week-to-date. The 38.2 percent Fibonacci retracement from the April to June swing high/low appears to be acting as a resistance level. The current deflection also represents a point of contact with a declining resistance trendline that runs from February’s multi-year swing high. Furthermore, the confirmation of the falling trendline completed the creation of a Falling Wedge pattern, giving the currency pair a bullish bias. As a result, a breakout could occur if the price breaks above the resistance trendline. In the medium term, however, prices may continue to fluctuate within the confines of the cone-shaped pattern. 8-Hour NZD/CAD Chart TradingView was used to construct the chart. Technical Analysis of the New Zealand Dollar vs. the Swiss Franc The New Zealand Dollar has risen against the Swiss Franc this month, though not to the same extent as the Canadian Dollar. NZD/CHF is up just over 0.10 percent so far this month. Since sliding lower from a multi-year swing high in late February, the currency pair has been trading in a Descending Channel. The Fibonacci retracement level of 23.6 percent from the February to June high/low appears to be providing some support. Price would approach the rising 200-day SMA if it broke lower. The top limit of the downward channel, on the other hand, is the most immediate level of resistance. The 38.2 percent Fib and the 100-day SMA are technical hurdles if price breaks above that level. 8-Hour NZD/CHF Chart TradingView was used to construct the chart. Technical Analysis of the AUD/NZD The New Zealand Dollar has gained ground against the Australian Dollar, with the AUD/NZD pair set to fall for the fourth week in a row. Since the June swing high, the currency pair has been trading in a Descending Channel. The Fibonacci levels set from the May to June high/low have experienced support and resistance within the downward channel. Furthermore, the descending 26-period Exponential Moving Average exerts overhead pressure (EMA). If the present bearish trend continues, the 78.6 percent Fib level will be the next hurdle to overcome before heading lower. Above that level, the May swing bottom is in sight. Although the Relative Strength Index (RSI) is rising above its oversold level, MACD is showing additional negative pressure. 8-Hour AUD/NZD Chart TradingView was used to construct the chart. TRADING RESOURCES FOR THE NEW ZEALAND DOLLAR—- Thomas Westwater, a DailyFX.com analyst, wrote this article. Use the comments area below to contact Thomas, or follow him on Twitter at @FxWestwater./nRead More

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