To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.8255, 0.8206, 0.8144
- Resistance:0.8283, 0.8330, 0.8401
The New Zealand Dollar made another push downward against its US counterpart but a falling wedge chart formation hints a reversal may be ahead. A daily close below wedge support at 0.8255 exposes the 38.2% Fibonacci expansionat 0.8206. Alternatively, a turn above the 23.6% level at 0.8283 clears the way for a challenge of 0.8330, the intersection of the wedge top and the 14.6% Fib.
Risk/reward considerations argue against entering short with prices sitting 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!

Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com