NZD/USD Technical Analysis: Working on 5-Day Loss Streak
To receive Ilya's analysis directly via email, please SIGN UP HERE
- NZD/USD Technical Strategy: Flat
- Support: 0.8144, 0.8082, 0.8006
- Resistance:0.8206, 0.8283, 0.8330
The New Zealand Dollar is working on the fifth consecutive decline against its US counterpart, with prices down to the weakest level in seven months. Near-term support is at 0.8144, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.8082. Alternatively, a reversal above the 38.2% Fib at 0.8206 opens the door for a test of the 23.6% expansion at 0.0.8283.
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!
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.