NZD/USD Technical Analysis – Kiwi Soars to 3-Week High
To receive Ilya's analysis directly via email, please SIGN UP HERE
- NZD/USD Technical Strategy: Flat
- Support: 0.8573 (23.6% Fib exp.), 0.8523 (support shelf)
- Resistance:0.8679 (38.2% Fib exp.), 0.8745-65 (double top, 50% Fib exp.)
The New Zealand Dollar launched sharply higher against its US namesake after a hawkish RBNZ monetary policy announcement. A daily close above the 23.6% Fibonacci expansion at 0.8573 exposes the 38.2% level at 0.8679. Moving further beyond that targets double top resistance at 0.8745, a barrier reinforced by the 50% Fib at 0.8765. Alternatively, reversing back below 0.8573 opens the door for a test of resistance-turned-support at 0.8523, a horizontal shelf in play since mid-March.
The upside breakout is unconfirmed for the time being absent a close above resistance. We will stand aside for now, waiting for an actionable trade signal to initiate a trade.
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.