News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
NZD/USD Technical Analysis: Kiwi Drops to 6-Week Low

NZD/USD Technical Analysis: Kiwi Drops to 6-Week Low

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8618, 0.8567, 0.8504
  • Resistance:0.8658-69, 0.8733, 0.8779

The New Zealand Dollar dropped to the lowest level in six weeks against the US Dollar following the RBNZ monetary policy announcement. A daily close below support at 0.8618, the 50% Fibonacci retracement, exposes the 61.8% level at 0.8567. Alternatively, a reversal above the 0.8658-69 area – marked by the June 17 close and the 38.2% Fib – opens the door for a test of the 23.6% retracement at 0.8733.

Entering short seems premature absent confirmation of a break below support. On the other hand, taking up the long side lacks support from a defined bullish reversal signal. We will continue to stand aside for the time being.

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

NZD/USD Technical Analysis: Kiwi Drops to 6-Week Low

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.

DISCLOSURES