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NZD/USD Technical Analysis: Familiar Support in Play Again

NZD/USD Technical Analysis: Familiar Support in Play Again

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7767, 0.7682, 0.7602
  • Resistance:0.7948, 0.8051, 0.8138

The New Zealand Dollar paused at familiar support against its US counterpart after seemingly returning to last week’s bear trend resumption. 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 0.7948 opens the door for a retest of the February 2014 low at 0.8051.

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

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NZD/USD Technical Analysis: Familiar Support in Play Again

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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