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NZD/USD Technical Analysis: Short Position Now in Play

NZD/USD Technical Analysis: Short Position Now in Play

2015-01-12 22:20:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Short at 0.7783
  • Support: 0.7680, 0.7580, 0.7545
  • Resistance:0.7825, 0.7897, 0.8076

The New Zealand Dollar may be readying to turn lower against its US counterpart after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 0.7680, the December 18 low, with a break below that on a daily closing basis exposing the 23.6% level at 0.7580. Alternatively, a break above channel top resistance at 0.7825 clears the way for a challenge of the 23.6% Fib retracement at 0.7897.

We will now enter short, initially targeting 0.7680. A stop-loss will be activated on a daily close above the January 12 high at 0.7864. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.

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

NZD/USD Technical Analysis: Short Position Now in Play

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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