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NZD/USD Technical Analysis: All Eyes on Trend Line Support

NZD/USD Technical Analysis: All Eyes on Trend Line Support

2014-07-31 21:52:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8443, 0.8350, 0.8236
  • Resistance:0.8535, 0.8576, 0.8650

The New Zealand Dollar paused to consolidate losses against its US namesake after turning violently lower in the aftermath of last week’s RBNZ monetary policy announcement. A daily close below support at 0.8443, the intersection of a rising trend line set from September 2013 and 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 established from January, now at 0.8576.

We are tactically opting to stand aside for now because 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 continues cross the wires through the week-end.

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NZD/USD Technical Analysis: All Eyes on Trend Line Support

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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