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NZD/USD Technical Analysis: 5-Day Loss Streak Broken

NZD/USD Technical Analysis: 5-Day Loss Streak Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8082, 0.8006, 0.7882
  • Resistance:0.8144, 0.8206, 0.8283

The New Zealand Dollar paused for a brief respite after falling for five consecutive sessions against its US namesake. A daily close above the 50% Fibonacci expansionat 0.8144 exposes the 38.2% level at 0.8206. Alternatively, a renewed downward push below the 61.8% Fib at 0.8082 clears the way for a challenge of the 76.4% expansion at 0.8006.

The appearance of an Inverted Hammer candlestick hints a bounce may be brewing ahead, arguing against entering short. Prices are too close to resistance to justify taking up the long side from a risk/reward perspective however. With that in mind, we will remain on the sidelines for now.

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

NZD/USD Technical Analysis: 5-Day Loss Streak Broken

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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