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NZD/USD Technical Analysis: Rally Capped at Channel Top

NZD/USD Technical Analysis: Rally Capped at Channel Top

2014-12-15 03:08:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7691, 0.7580, 0.7401
  • Resistance:0.7867, 0.7974, 0.8034

The New Zealand Dollar has stalled after jumping upward against its US namesake following last week’s RBNZ monetary policy announcement. A daily close above falling channel top resistance at 0.7867 exposes the November 17 high at 0.7974. Alternatively, a reversal below the 14.6% Fibonacci expansion at 0.7691 opens the door for a test of 0.7580, the intersection of the channel floor and the 23.6% level.

An actionable trade setup is absent for the time being. We will stand aside, waiting for the pair to produce a better-defined long or short trade opportunity.

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NZD/USD Technical Analysis: Rally Capped at Channel Top

Daily Chart - Created Using FXCM Marketscope

--- 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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