To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Daily Chart - Created Using FXCM Marketscope 2.0
New to FX? START HERE!
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.