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NZD/USD Slides on Yellen's Testimony

NZD/USD Slides on Yellen's Testimony

Walker England, Forex Trading Instructor

Talking Points:

The NZD/USD is declining to monthly lows, as the US Dollar gains strength this afternoon. Much of this move has been predicated on Janet Yellen hinting at upcoming rate hikes, stating that “Waiting too long to hike is unwise.” With US Dollar pairs now on the move, traders will next look to Yellen’s testimony before the House Financial Services Committee to provide further guidance.

Technically the NZD/USD is now trending lower after putting in a new 2017 high at .7375 late last week. It should be noted that the pair remains below its 10 Day EMA (exponential moving average) at .7212. As the pair declines, traders may elect to now see this value as a key short term point of resistance. More importantly, the NZD/USD is now trading below its 200 day MVA (simple moving average) at .7166. A close in price below this point should be seen as significant, and may be interpreted as a turn in the NZD/USD’s long term trend.

NZD/USD, Daily Chart with Averages

NZD/USD Slides on Yellen's Testimony

(Created Using IG Charts)

Intraday market analysis has the NZD/USD back below today’s first value of support at .7151. If the pair continues to decline below the displayed S1 pivot, traders may next look for support at .7123 and .7088. However if prices remain supported near present levels, traders may begin looking for a rebound in price back towards resistance. First the NZD/USD would need to trade above today’s central pivot found at .7184, and then move on the R1 pivot a t .7213. A move to this point should be seen as significant as it would place the NZD/USD back above the previously mentioned 10 day EMA and 200 day MVA.

NZD/USD 30 Minute Chart & Pivots

NZD/USD Slides on Yellen's Testimony

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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