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 – March High Marks Resistance

Forex: NZD/USD Technical Analysis – March High Marks Resistance

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: 0.8502 (76.4% Fib exp.), 0.8452 (61.8% Fib exp.)
  • Resistance: 0.8522 (Mar 7 high), 0.8582 (100% Fib exp.)

The New Zealand Dollar is making a strong case for continued gains against its US namesake after prices took out resistance at 0.8502 – the 76.4% Fibonacci expansion – following the RBNZ interest rate decision. A push above the March 7 high at 0.8522 aims for the 100% Fib at 0.8582. Alternatively, a reversal back below 0.8502 eyes the 61.8% level at 0.8452.

Risk/reward considerations argue against taking a long position with prices trading squarely at relevant resistance. On the other hand, a short position taken on the assumption that resistance will hold seems premature without a defined reversal signal. We will continue to stand aside 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 – March High Marks Resistance

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