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NZD/USD Technical Analysis – Looking to Re-Enter Short

NZD/USD Technical Analysis – Looking to Re-Enter Short

2014-06-06 03:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • 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), 0.8607 (23.6% Fib ret.)

The New Zealand Dollar fell as expected against its US namesake after putting in a Bearish Engulfing candlestick pattern. A bounce from support in the 0.8391-0.8415 area, marked by a horizontal pivot in play since September and the 50% Fibonacci retracement, has opened the door for a test of the 0.85 figure. This is reinforced by support-turned-resistance at 0.8527. A daily close above the latter level exposes the 23.6% level at 0.8607. Alternatively, a reversal below support on a daily closing basis eyes the 61.8% Fib at 0.8329.

We entered short NZDUSD at 0.8493. We subsequently booked profit on half of the position at the first target and left the remainder with an updated stop-loss at the breakeven level, which has now been triggered. The overall trend continues to look bearish and we will look for new selling opportunities in the days ahead.

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NZD/USD Technical Analysis – Looking to Re-Enter Short

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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