News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
NZD/USD Technical Analysis: 5-Day Loss Streak Broken

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

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

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.

DISCLOSURES