Looking for a NZDUSD breakout
Resumption in the prior uptrend is possible: Chart
Share this:
The US Dollar was bearish against most of its major pairs on Wednesday with the exception of the GBP. On the US economic data front, the Mortgage Bankers Association's Mortgage Applications rose 3.8% for the week ending October 30th, compared to +1.7% in the previous week. Automatic Data Processing's Employment Change showed that 365K jobs were added on month in October (643K expected), compared to a revised 753K jobs added in September. Finally, the Trade Deficit shrank to 63.9 billion dollars on month in September (as expected), from a revised 67.0 billion dollars in August.
On Thursday, Initial Jobless Claims for the week ending October 31st are expected to decline to 735K, from 751K in the week before. Continuing Claims for the week ending October 24th are expected to fall to 7,200K, from 7,756K in the prior week. Finally, the Federal Open Market Committee (FOMC) is expected to keep the Federal Funds Target Rate between 0.00% and 0.25%.
The Euro was mixed against all of its major pairs. In Europe, Research firm Markit published final readings of October Services PMI better than expected for the Eurozone at 46.9 (46.2 expected), Germany at 49.5 (48.9 expected), and France 46.5 (as expected) but below expectorations for the U.K. at 51.4 (52.3 expected).
The Australian dollar was bullish against all of its major pairs.
It has been a quiet day on the FOREX front after a volatile evening session as Americans voted for the next President of the United States. One major pair on our radar is the NZD/USD which is up 35 pips. A diamond continuation pattern is in-play. The preference is for a break to the upside which would signal a continuation of the uptrend that started back in March at the pandemic lows. Price action has started to break above the diamond pattern. A break above 0.6795 resistance would be the signal bulls are waiting for. However, a break below 0.6485 support would be a bearish signal with a decline to the next major support level likely at 0.638.
Source: GAIN Capital, TradingView
Happy Trading
On Thursday, Initial Jobless Claims for the week ending October 31st are expected to decline to 735K, from 751K in the week before. Continuing Claims for the week ending October 24th are expected to fall to 7,200K, from 7,756K in the prior week. Finally, the Federal Open Market Committee (FOMC) is expected to keep the Federal Funds Target Rate between 0.00% and 0.25%.
The Euro was mixed against all of its major pairs. In Europe, Research firm Markit published final readings of October Services PMI better than expected for the Eurozone at 46.9 (46.2 expected), Germany at 49.5 (48.9 expected), and France 46.5 (as expected) but below expectorations for the U.K. at 51.4 (52.3 expected).
The Australian dollar was bullish against all of its major pairs.
It has been a quiet day on the FOREX front after a volatile evening session as Americans voted for the next President of the United States. One major pair on our radar is the NZD/USD which is up 35 pips. A diamond continuation pattern is in-play. The preference is for a break to the upside which would signal a continuation of the uptrend that started back in March at the pandemic lows. Price action has started to break above the diamond pattern. A break above 0.6795 resistance would be the signal bulls are waiting for. However, a break below 0.6485 support would be a bearish signal with a decline to the next major support level likely at 0.638.
Source: GAIN Capital, TradingView
Happy Trading
The US Dollar was bearish against most of its major pairs on Wednesday with the exception of the GBP. On the US economic data front, the Mortgage Bankers Association's Mortgage Applications rose 3.8% for the week ending October 30th, compared to +1.7% in the previous week. Automatic Data Processing's Employment Change showed that 365K jobs were added on month in October (643K expected), compared to a revised 753K jobs added in September. Finally, the Trade Deficit shrank to 63.9 billion dollars on month in September (as expected), from a revised 67.0 billion dollars in August.
On Thursday, Initial Jobless Claims for the week ending October 31st are expected to decline to 735K, from 751K in the week before. Continuing Claims for the week ending October 24th are expected to fall to 7,200K, from 7,756K in the prior week. Finally, the Federal Open Market Committee (FOMC) is expected to keep the Federal Funds Target Rate between 0.00% and 0.25%.
The Euro was mixed against all of its major pairs. In Europe, Research firm Markit published final readings of October Services PMI better than expected for the Eurozone at 46.9 (46.2 expected), Germany at 49.5 (48.9 expected), and France 46.5 (as expected) but below expectorations for the U.K. at 51.4 (52.3 expected).
The Australian dollar was bullish against all of its major pairs.
It has been a quiet day on the FOREX front after a volatile evening session as Americans voted for the next President of the United States. One major pair on our radar is the NZD/USD which is up 35 pips. A diamond continuation pattern is in-play. The preference is for a break to the upside which would signal a continuation of the uptrend that started back in March at the pandemic lows. Price action has started to break above the diamond pattern. A break above 0.6795 resistance would be the signal bulls are waiting for. However, a break below 0.6485 support would be a bearish signal with a decline to the next major support level likely at 0.638.
Source: GAIN Capital, TradingView
Happy Trading
On Thursday, Initial Jobless Claims for the week ending October 31st are expected to decline to 735K, from 751K in the week before. Continuing Claims for the week ending October 24th are expected to fall to 7,200K, from 7,756K in the prior week. Finally, the Federal Open Market Committee (FOMC) is expected to keep the Federal Funds Target Rate between 0.00% and 0.25%.
The Euro was mixed against all of its major pairs. In Europe, Research firm Markit published final readings of October Services PMI better than expected for the Eurozone at 46.9 (46.2 expected), Germany at 49.5 (48.9 expected), and France 46.5 (as expected) but below expectorations for the U.K. at 51.4 (52.3 expected).
The Australian dollar was bullish against all of its major pairs.
It has been a quiet day on the FOREX front after a volatile evening session as Americans voted for the next President of the United States. One major pair on our radar is the NZD/USD which is up 35 pips. A diamond continuation pattern is in-play. The preference is for a break to the upside which would signal a continuation of the uptrend that started back in March at the pandemic lows. Price action has started to break above the diamond pattern. A break above 0.6795 resistance would be the signal bulls are waiting for. However, a break below 0.6485 support would be a bearish signal with a decline to the next major support level likely at 0.638.
Source: GAIN Capital, TradingView
Happy Trading
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
Japanese Yen Forecast: USD/JPY 4% Rally Challenges Post-Intervention Downtrend 9 24 2026
USD/JPY momentum has shifted sharply higher, putting a major resistance confluence in focus as U.S. and Japanese event risk builds.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.