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NZD/USD Technical Analysis: Support Found Below 0.87

NZD/USD Technical Analysis: Support Found Below 0.87

2014-07-21 23:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8658-69, 0.8618, 0.8567
  • Resistance:0.8733, 0.8779-93, 0.8835-42

The New Zealand Dollar paused to consolidate losses ahead this week’s RBNZ policy announcement having dropped to the lowest level in a month. A daily close below support in the 0.8658-69 area, marked by the 38.2% Fibonacci retracement and the June 17 close, exposes the 50% level at 0.8618. Alternatively, a move above resistance at 0.8733, the 23.6% Fib, exposes the 0.8779-93 region (May 6, June 27 highs).

Prices are too close to resistance to support 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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NZD/USD Technical Analysis: Support Found Below 0.87

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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