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: Sellers Now Aiming Below 0.78

NZD/USD Technical Analysis: Sellers Now Aiming Below 0.78

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: 0.7798, 0.7708, 0.7597
  • Resistance:0.7887, 0.7998, 0.8067

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 50% Fibonacci expansion at 0.7798 exposes the 61.8% mark at 0.7708. Alternatively, a turn back above the 38.2% Fib at 0.7887 clears the way for a challenge of the 23.6% expansion at 0.7998.

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.

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

NZD/USD Technical Analysis: Sellers Now Aiming Below 0.78

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