NZD/USD Technical Analysis: Kiwi Slumps to 3-Week Low
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- NZD/USD Technical Strategy: Flat
- Support: 0.8696, 0.8669, 0.8618
- Resistance:0.8733, 0.8779-93, 0.8835-42
The New Zealand Dollar continues to push downward, falling to the lowest level in three weeks against its US namesake. A daily close below rising trend line support at exposes the 38.2%Fibonacci retracementat 0.8669. Alternatively, a turn back above the 23.6%levelat 0.8733 opens the door for a challenge of the 0.8779-93 area, marked by the May 6 and June 27 swing highs.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.
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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.