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Forex: NZD/USD Technical Analysis – Rally Finds Resistance Sub-0.83

Forex: NZD/USD Technical Analysis – Rally Finds Resistance Sub-0.83

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.82265 (38.2% Fib ret.), 0.8235 (23.6% Fib exp.)
  • Resistance: 0.8289 (50% Fib exp.), 0.8.14 (61.8% Fib exp.)

The New Zealand Dollar recoiled upward as we suspected, taking out a falling trend line defining the down trend from mid-January and hinting the near-term bias has shifted to favor the upside. Prices are now testing resistance at 0.8289, the 50% Fibonacci expansion, with a break above that targeting the 61.8% level at 0.8314. Alternatively, a reversal below support at 0.8265, the 38.2% Fib, targets the 23.6% expansion at 0.8235.

Entering long absent a defined break of resistance or assuming a downward reversal without confirmation and taking the short side seem equally unattractive from a risk/reward perspective. We will stand aside for now until something more compelling presents itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – Rally Finds Resistance Sub-0.83

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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