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NZD/USD Technical Analysis: Channel Top Resistance Eyed

NZD/USD Technical Analysis: Channel Top Resistance Eyed

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7680, 0.7554, 0.7401
  • Resistance:0.7822, 0.7974, 0.8034

Yesterday’s breakdown proved false as we suspected, with the New Zealand Dollar recoiling back into a familiar range against its US namesake. Near-term support is at 0.7680, the December 18 low, with a break below that on a daily closing basis exposing the intersection of channel floor support and the 23.6% level in the 0.7554-80 area. Alternatively, a break above channel top resistance at 0.7822 clears the way for a challenge of the November 17 high at 0.7974.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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

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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