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NZD/USD Technical Analysis: Sellers Target June Bottom

NZD/USD Technical Analysis: Sellers Target June Bottom

2014-08-12 23:07:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8433, 0.8396-401, 0.8336
  • Resistance:0.8469, 0.8494, 0.8524

The New Zealand Dollar dropped to the lowest level in over two months against its US namesake, taking out trend support set from late August 2013. A daily close below support at 0.8433, the 14.6%Fibonacci expansion, exposes the 0.8396-0.8401 area marked by the June 4 low and the 23.6% level.Alternatively, a reversal above trend line support-turn-resistance at 0.8469 opens the door for a test of the August 7 high at 0.8494.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.

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NZD/USD Technical Analysis: Sellers Target June Bottom

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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