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NZD/USD Technical Analysis: Down Trend Back in Play?

NZD/USD Technical Analysis: Down Trend Back in Play?

2014-11-20 03:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7831, 0.7682, 0.7525
  • Resistance:0.7937, 0.8034, 0.8109

The New Zealand Dollar may have resumed the down trend against its US namesake after prices violated the series of higher highs and higher lows set from early November. A daily close below the 14.6% Fibonacci retracement at 0.7831 exposes the 0.7682-96 area marked by the July 2013 bottom and the 23.6% Fib expansion. Alternatively, a turn above the 23.6% retracement at 0.7937 opens the door for a test of the October 21 high at 0.8034.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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NZD/USD Technical Analysis: Down Trend Back in Play?

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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