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NZD/USD Technical Analysis: Waiting to Re-Establish Short

NZD/USD Technical Analysis: Waiting to Re-Establish Short

2015-02-05 00:52:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7344, 0.7280, 0.7175
  • Resistance:0.7448, 0.7532, 0.7616

The New Zealand Dollar is attempting to build higher against its US counterpart after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7448, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.7504-32 area marked by channel floor support-turned-resistance and the 50% level. Alternatively, a turn below the 23.6% Fib at 0.7344 opens the door for a challenge of the 14.6% retracement at 0.7280.

We see the dominant NZDUSD trend as favoring the downside. With that in mind, we will look to any on-coming gains as an opportunity to enter short at a more attractive level rather than as a stand-alone long trade setup. In the meantime, we remain flat.

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NZD/USD Technical Analysis: Waiting to Re-Establish Short

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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