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NZD/USD Technical Analysis: Key Channel Support Broken

NZD/USD Technical Analysis: Key Channel Support Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8733, 0.8669, 0.8618
  • Resistance:0.8779-93, 0.8835-42, 0.8886

The New Zealand Dollar broke downward against its US counterpart, dropping to the lowest level in a week. Sellers are aiming to test support at 0.8733, the 23.6% Fibonacci retracement, with a daily close below that exposing the 38.2% level at 0.8669. Alternatively, a reversal above resistance in the 0.8779-93 area, marked by the May 6 and June 27 swing highs as well as a broken channel floor, exposes the 0.8835-42 region (major swing high from August 2011, July 10 top).

Risk/reward considerations argue against entering short with prices trading too close to support. On the other hand, the absence of a defined bullish reversal signal warns against taking up the long side. We will remain flat for now.

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

NZD/USD Technical Analysis: Key Channel Support Broken

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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