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NZD/USD Technical Analysis: Channel Top Resistance Broken

NZD/USD Technical Analysis: Channel Top Resistance Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7754, 0.7682, 0.7602
  • Resistance:0.7831, 0.7937, 0.8034

The New Zealand Dollar moved higher as expected after prices put in a Bullish Engulfing candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 0.7831 exposes the 23.6% level at 0.7937. Alternatively, a reversal below falling channel top resistance-turned-support at 0.7754 opens the door for a test of the July 2013 bottom at 0.7682.

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.

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NZD/USD Technical Analysis: Channel Top Resistance Broken

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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