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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.

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

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