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NZD/USD Technical Analysis – Support Near 0.84 Exposed

NZD/USD Technical Analysis – Support Near 0.84 Exposed

2014-05-29 22:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Short at 0.8493
  • Support: 0.8391-0.8415 (horizontal pivot, 50% Fib exp.), 0.8329 (61.8% Fib exp.)
  • Resistance:0.8500 (38.2% Fib ret.), 0.8527 (former support), 0.8552 (trend line)

The New Zealand Dollar declined against its US counterpart as expected after prices formed a Bearish Engulfing candlestick pattern. Support is now seen in the 0.8391-0.8415 area, marked by a horizontal barrier in play since September 2013 and the 50% Fibonacci retracement. Breaking below that exposes the 61.8% level at 0.8329. Alternatively, a turn back above the 0.8500 figure targets horizontal support-turned-resistance at 0.8527, followed by a falling trend line at 0.8552.

We sold NZDUSD at 0.8493, initially targeting 0.8415. A stop-loss is set to trigger on a daily close above 0.8565. We will take profit on half of the position and trail the stop-loss to the breakeven level once the first target is hit.

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NZD/USD Technical Analysis – Support Near 0.84 Exposed

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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