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NZD/USD Technical Analysis: Readying to Overcome 0.88?

NZD/USD Technical Analysis: Readying to Overcome 0.88?

2014-07-08 22:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8737, 0.8710, 0.8651
  • Resistance:0.8779-93, 0.8834, 0.8875

The New Zealand Dollar may be readying to resume its climb against the US Dollar after a period of consolidation below the 0.88 figure. Near-term resistance is in the 0.8779-93 area, marked by the May 6 high and the 38.2% Fibonacci expansion. A break above that on a daily closing basis exposes the 50% level at 0.8834. Alternatively, a move below the 0.8737-48 zone – bracketed by a horizontal pivot in play since April and a rising channel bottom – opens the door for a test of the 23.6% Fib retracement 0.8710.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal argues against taking up the short side. We will remain flat for now.

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NZD/USD Technical Analysis: Readying to Overcome 0.88?

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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