FX TECHNICAL REPORT CURRENCY OUTLOOK NEW ZEALAND DOLLAR LONG-TERM TECHNICAL OUTLOOK
Te New Zealand Dollar is in a long- term bullish trend, with losses from the 2014 / 2015 highs having failed to cleanly break the 120 month (10 year) moving average, leaving a higher low above those recorded in 2011. A two-legged recovery has followed, with former bull channel resistance having so far come back into play. Look for former resistance from late 2015 to come back into play on a dip, setting up a possible extension beyond the 2015 peak to hit new all-time highs during 2017.
Basket / NZD - G10 Index
Source: Tradermade
CANADIAN DOLLAR LONG-TERM TECHNICAL OUTLOOK The
Basket / CAD-G10 Index Canadian
Source: Tradermade Dollar is undergoing the second leg to a 68 FX TRADER MAGAZINE January - March 2017
recovery phase after sliding to a 12 year low in January 2016.
The recovery phase may initially persist, but we are wary of a lower top eventually developing by the 120 month (10 year) moving average, triggering a reversal towards former key support at the early 2014 / mid 2015 lows. Successfully building a higher low above those lows will bode well for a continued recovery phase as 2017 progresses, possibly to eventually retest the 2012 / 2013 highs. Reversing under the March 2014 / November 2016 lows will be bearish.
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