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NZD/USD Technical Analysis: June Low Under Fire Anew

NZD/USD Technical Analysis: June Low Under Fire Anew

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8470, 0.8508-25, 0.8571
  • Resistance:0.8509-22, 0.8571, 0.8621

The New Zealand Dollar moved lower anew against its US counterpart, with sellers taking aim at the 0.84 figure once again. A daily close below the 0.8401-13 area, marked by the 23.6% Fibonacci expansion and the June 4 low, exposes the 38.2% level at 0.8350. Alternatively, a reversal above the 14.6% Fib retracement at 0.8470 clears the way for a challenge of the 0.8508-25 zone bracketed by the 23.6% threshold and rising trend line support-turned-resistance set from August 2013.

Risk/reward considerations argue against entering short with prices sitting squarely at support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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

NZD/USD Technical Analysis: June Low Under Fire Anew

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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