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NZD/USD Technical Analysis: Support Met Below 0.86 Mark

NZD/USD Technical Analysis: Support Met Below 0.86 Mark

2014-07-24 23:38:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8567, 0.8504, 0.8401
  • Resistance:0.8618, 0.8658-69, 0.8733

The New Zealand Dollar moved aggressively lower against the US Dollar after the RBNZ monetary policy announcement, hitting a six-week low. Near-term support is at 0.8567, the 61.8% Fibonacci retracement, with a break below that on a daily closing basis exposing the 76.4% level at 0.8504. Alternatively, a reversal above the 50% Fib at 0.8618 clears the way for a test of the 0.8658-69 area, marked by the June 17 close and the 38.2% retracement.

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

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NZD/USD Technical Analysis: Support Met Below 0.86 Mark

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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