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NZD/USD Technical Analysis: Kiwi Sinks to Six-Month Low

NZD/USD Technical Analysis: Kiwi Sinks to Six-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8350, 0.8300, 0.8249
  • Resistance:0.8401-13, 0.8462, 0.8533

The New Zealand Dollar continues to push downward against its US counterpart, touching the lowest level in six months. Near-term support is at 0.8350, the 38.2%Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.8300. Alternatively, a turn above the 0.8401-13 area marked by the 23.6% Fib and the June 4 low opens the door for a test of the 14.6% expansion at 0.8451.

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: Kiwi Sinks to Six-Month Low

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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