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NZD/USD Technical Analysis – A Top in Place Below 0.87?

NZD/USD Technical Analysis – A Top in Place Below 0.87?

2014-04-16 01:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8581 (23.6% Fib ret.), 0.8480-0.8513 (38% Fib ret., Oct 22 close)
  • Resistance: 0.8675 (Apr’13 high), 0.8745 (Apr 10 high)

The New Zealand turned lower as expected against its US counterpart after putting in a bearish Dark Cloud Cover candlestick pattern coupled with negative RSI divergence. Prices are now testing support at 0.8581, the 23.6% Fibonacci retracement, with a break below that aiming for the 0.8480-0.8513 area marked by the October 22 close and the 38.2% level. Alternatively, a reversal above the April 2013 high at 0.8675 aims for the April 10 top at 0.8745.

Prices are too close to relevant support to justify a short trade form a risk/reward perspective. We will continue to stand aside for now, looking for a more attractive entry to present itself.

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dailyclassics_nzd-usd_body_Picture_11.png, NZD/USD Technical Analysis – A Top in Place Below 0.87?

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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