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NZD/USD Candlestick Analysis: Struggling Below 0.77 Figure

NZD/USD Candlestick Analysis: Struggling Below 0.77 Figure

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • NZD/USD Strategy: Flat
  • July 2013 Bottom Now Resistance
  • Upswing to Yield Short Trade Setup

The New Zealand Dollar is struggling to maintain upside momentum having launched a recovery following the formation of a bullish Morning Star candlestick pattern. Prices continue to grind against support-turned-resistance in the 0.7608-82 area, with a break above this threshold exposing the 38.2% Fibonacci retracement at 0.7801. Alternatively, a move back below the 14.6% Fib expansion at 0.7495 aims for the 23.6% level at 0.7344.

The dominant long-term NZD/USD trend looks to be favoring the downside. As such, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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