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: Year-to-Date Uptrend Broken

NZD/USD Technical Analysis: Year-to-Date Uptrend Broken

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: 0.8443, 0.8350, 0.8236
  • Resistance:0.8535, 0.8566, 0.8650

The New Zealand Dollar continues to fall against its US counterpart in the aftermath of the RBNZ interest rate decision, overturning the year-to-date uptrend. A daily close below support at 0.8443, the 50%Fibonacci retracement, exposes the 61.8% level at 0.8350.Alternatively, a reversal above the 38.2% Fib at 0.8535 aims for support-turn-resistance at a rising trend line set from January, now at 0.8566.

While entering a short position at this point is tempting, we will tactically opt to stand aside. We already hold long USD exposure against the Euro and the Canadian Dollar. As such, we think it best not to over-commit as heavy-duty US event risk begins to cross the wires in the days ahead.

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

NZD/USD Technical Analysis: Year-to-Date Uptrend 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.

DISCLOSURES