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NZD/USD Technical Analysis: Support Now Below 0.73 Mark

NZD/USD Technical Analysis: Support Now Below 0.73 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Short at 0.7783
  • Support: 0.7275, 0.7130, 0.6951
  • Resistance:0.7420, 0.7519, 0.7599

The New Zealand Dollar fell against its US namesake as expected, with sellers now eyeing support below the 0.73 figure. A daily close below the 50% Fibonacci expansion at 0.7275 exposes the 61.8% level at 0.7130. Alternatively, a move above the 38.2% Fib at 0.7420 opens the door for a challenge of channel floor support-turned-resistance at 0.7519.

We entered short NZDUSD at 0.7783 and have subsequently booked profits on half of the position. The remainder of the position remains open to capture continued downside momentum. The stop-loss is now at the breakeven level (0.7783).

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

NZD/USD Technical Analysis: Support Now Below 0.73 Mark

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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