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NZD/USD Technical Analysis: Selloff Stalls Above 0.84 Mark

NZD/USD Technical Analysis: Selloff Stalls Above 0.84 Mark

2014-08-13 22:48:00
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:0.8472, 0.8494, 0.8524

The New Zealand Dollar is digesting losses against its US counterpart after breaking uptrend support set from late August 2013. Near-term support is at 0.8433, the 14.6%Fibonacci expansion. Breaking below this barrier on a daily closing basis exposes the 0.8396-0.8401 area marked by the June 4 low and the 23.6% level. Alternatively, a turn above trend line support-turn-resistance at 0.8472 clears the way for a challenge of the 23.6% Fib retracement at 0.8509.

The available trading range is too narrow to justify taking a short or a long position at current levels from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.

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NZD/USD Technical Analysis: Selloff Stalls Above 0.84 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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