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NZD/USD Technical Analysis: Short Trade Remains in Play

NZD/USD Technical Analysis: Short Trade Remains in Play

2015-02-02 03:17:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy:Short at 0.7783
  • Support: 0.7130, 0.6951, 0.6661
  • Resistance:0.7275, 0.7420, 0.7517

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 61.8% Fibonacci expansion at 0.7130 exposes the 76.4% level at 0.6951. Alternatively, a move above the 50% Fib at 0.7275 opens the door for a challenge of the 38.2% expansion at 0.7420.

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).

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NZD/USD Technical Analysis: Short Trade Remains 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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