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Forex: NZD/USD Technical Analysis – Trying to Reclaim 0.86 Mark

Forex: NZD/USD Technical Analysis – Trying to Reclaim 0.86 Mark

2014-03-26 21:53:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8500-13 (Oct 22 close, 23.6% Fib ret.), 0.8414 (38.2% Fib ret.)
  • Resistance: 0.8605 (trend line), 0.8630 (Apr 11 close)

New Zealand Dollar hinted a top is in the works against its US counterpart having formed a Bearish Engulfing candlestick pattern and broken a rising trend line set from early February. Follow-through has proven lacking however, with prices rebounding from support in the 0.8500-13 area marked by the October 22 close and 23.6% Fibonacci retracement. A reversal back above the trend line (0.8605) aims for the April 11 close at 0.8630. Alternatively, a push below support eyes the 38.2% Fib at 0.8414.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, entering a short trade looks premature absent a new bearish reversal signal. We will continue to stand aside for now, waiting for a more attractive setup to present itself.

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dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – Trying to Reclaim 0.86 Mark

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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