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Forex: NZD/USD Technical Analysis – 0.81 Under Fire Once Again

By , Currency Strategist
04 February 2014 06:13 GMT

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8067 (100% Fib exp.), 0.8011 (123.6% Fib exp.)
  • Resistance: 0.8123 (76.4% Fib exp.), 0.8157 (61.8% Fib exp.)

The New Zealand Dollar is trying to claim a foothold above the 0.81 figure once again. A dramatic-looking Doji candle traced out by yesterday’s price action hints at indecision and opens the door for reversal but confirmation remains absent, warning against entering long prematurely. Betting on a turn lower seems likewise unattractive absent a clear-cut signal indicating resistance has held. We will hold off on taking a trade for now.

Breaking above the 76.4% Fibonacci expansion on a daily closing basis initially exposes 61.8% level at 0.8157. Alternatively, reversing below support at 0.8067 – the 100% Fib – targets the 123.6% expansion at 0.8011.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – 0.81 Under Fire Once Again

Daily Chart - Created Using FXCM Marketscope 2.0


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04 February 2014 06:13 GMT