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NZD/USD Technical Analysis: Passing on Entering Short Trade

NZD/USD Technical Analysis: Passing on Entering Short Trade

2014-09-23 22:19:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7998, 0.7887, 0.7798
  • Resistance:0.8067, 0.8189, 0.8229

The New Zealand Dollar appears vulnerable to deeper losses against its US counterpart after sliding to the weakest level in over a year. A daily close below the 23.6% Fibonacci expansion at 0.7998 exposes the 38.2% mark at 0.7887. Alternatively, a turn back above the 14.6% Fib at 0.8067 clears the way for a challenge of falling trend line resistance at 0.8189.

While entering short is a tempting proposition, positive RSI divergence warns of ebbing downside momentum and hints that a reversal higher may emerge around the corner. With that in mind, we will opt to remain flat and wait for a more compelling opportunity.

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NZD/USD Technical Analysis: Passing on Entering Short Trade

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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