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: Kiwi Moves to 3-Week High

NZD/USD Technical Analysis: Kiwi Moves to 3-Week High

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: 0.7905, 0.7817, 0.7707
  • Resistance:0.8013, 0.8051, 0.8138

The New Zealand Dollar advanced as expected against its US namesake after prices forming a bullish Piercing Line candlestick pattern. Near-term resistance is in the 0.7973-0.8013 area, marked by a rising channel top and the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the February 4 low at 0.8051. Alternatively, a turn below resistance-turned-support at 0.7905 clears the way for a challenge of the channel floor at 0.7817.

On balance, the dominant trend has favored the downside since early July. With that in mind, we will to wait for the upswing to be exhausted and treat it as a selling opportunity rather than a trade-able bullish setup.

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

NZD/USD Technical Analysis: Kiwi Moves to 3-Week High

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