News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: NZD/USD Technical Analysis – Kiwi Builds on Resistance Break

Forex: NZD/USD Technical Analysis – Kiwi Builds on Resistance Break

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8380 (trend line, 38.2% Fib exp.), 0.8254 (23.6% Fib exp.)
  • Resistance: 0.8481 (50% Fib exp.), 0.8583 (61.8% Fib exp.)

The New Zealand Dollar continued to push higher after yesterday’s break of resistance at 0.8380 marked by the 38.2% Fibonacci expansion and a falling trend line set from mid-October. The next layer upside barrier of significance lines up at 0.8481, the 50% Fib, with a further push beyond that eyeing the 61.8% level at 0.8583. Alternatively, a reversal back below 0.8380 eyes the 23.6% level at 0.8254.

We begrudgingly opted not to pursue a long position yesterday, worrying that the Kiwi’s sensitivity to risk appetite trends cast doubt on the probability of follow-through as sentiment continues to hinge on a fluid geopolitical crisis in the Ukraine. We remain leery as bearish cues in S&P 500 positioning warn of a risk-averse turn in the markets’ mood ahead and will continue to observe from the sidelines for now.

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 – Kiwi Builds on Resistance Break

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.

DISCLOSURES