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Forex: NZD/USD Technical Analysis – Kiwi Accelerates Above 0.83

Forex: NZD/USD Technical Analysis – Kiwi Accelerates Above 0.83

2014-02-11 12:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8289 (50% Fib exp.), 0.8265 (38.2% Fib exp.)
  • Resistance: 0.8314 (61.8% Fib exp.), 0.8344 (76.4% Fib exp.)

The New Zealand Dollar shot higher as suspected, clearing falling trend line resistance and thereby hinting that the downtrend from mid-January has been overturned. Prices are probing above the 61.8% Fibonacci expansion at 0.8314, with a daily close above this barrier exposing the 76.4% level at 0.8344. Turning back below 0.8314 sees supports at 0.8289 and 0.8265, the 50% and 38.2% retracements, respectively.

Entering long seems premature absent confirmation of a resistance break on a closing basis. On the other hand, fighting what appears to be accelerating upward momentum absent a reversal signal is a dangerous proposition. As such, we will remain on the sidelines for now.

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dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – Kiwi Accelerates Above 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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