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NZD/USD Technical Analysis – Double Top Resistance Key

NZD/USD Technical Analysis – Double Top Resistance Key

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 remains in consolidation mode against its US namesake as prices test double top resistance. A daily close above the 0.8745-79 area, bracketed by the April 10 and May 6 highs initially exposes the 61.8% Fibonacci expansion at 0.8851. Alternatively, a reversal below support at 0.8690, the 76.4% Fib retracement, opens the door for a challenge of the 61.8% level at 0.8634.

Negative RSI divergence hints at ebbing bullish momentum and warns a reversal lower may be brewing. A clear-cut short trade trigger is absent however. With that in mind, we remain on the sidelines and continue to monitor price action for selling opportunities.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis – Double Top Resistance Key

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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