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NZD/USD Technical Analysis: Kiwi Rebound May Be Ahead

NZD/USD Technical Analysis: Kiwi Rebound May Be Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8206, 0.8144, 0.8082
  • Resistance:0.8283, 0.8330, 0.8401

The New Zealand Dollar may be readying to launch a rebound against its US namesake as prices carve out a falling wedge chart formation. Near-term resistance is at 0.8283, the intersection of the wedge top and the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6% level at 0.8330. Alternatively, a reversal below 0.8206, marked by the 38.2% Fib and reinforced by the wedge floor, opens the door for a test of the 50% expansion at 0.8144

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 Rebound May Be Ahead

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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