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NZD/USD Technical Analysis – Rally Pauses Below 0.88 Mark

NZD/USD Technical Analysis – Rally Pauses Below 0.88 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8690, 0.8634, 0.8590
  • Resistance:0.8745, 0.8779, 0.8851

The New Zealand Dollar has paused to digest gains after jumping to a six-week high against its US counterpart yesterday. Resistance remains in the 0.8745-79 area, bracketed by the April 10 and May 6 highs. A daily close above this barrier initially targets the 61.8% Fibonacci expansion at 0.8851. Support lines up at 0.8690, the 76.4% Fib retracement. A turn below that clears the way for a test of the 61.8% retracement at 0.8634.

The appearance of negative RSI divergence warns of ebbing upward momentum and hints a reversal downward may be ahead. The absence of a clearly defined bearish signal suggests entering short is premature for now however and we will continue to stand aside.

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NZD/USD Technical Analysis – Rally Pauses Below 0.88 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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