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: Rebound Seen as Corrective

NZD/USD Technical Analysis: Rebound Seen as Corrective

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: 0.7767, 0.7682, 0.7602
  • Resistance:0.7927, 0.8051, 0.8138

The New Zealand Dollar continued to rebound against its US counterpart but overall positioning suggests the move is corrective after last week’s breakdown. A daily close below the 23.6% Fibonacci expansionat 0.7767 exposes the 0.7682-7707 area marked by the July 2013 and September 2014 lows. Alternatively, a move through channel floor support-turned-resistance at 0.7927 opens the door for a test of the February 2014 low at 0.8051.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.

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

NZD/USD Technical Analysis: Rebound Seen as Corrective

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