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NZD/USD Technical Analysis: Waiting for Short Trade Setup

NZD/USD Technical Analysis: Waiting for Short Trade Setup

2015-02-10 01:55:00
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 continues to recover against its US counterpart after producing in a bullish Morning Star candlestick pattern. A daily close above the 38.2% Fibonacci retracement at 0.7448 exposes the 0.7506-32 area marked by channel floor support-turned-resistance and the 50% level. Alternatively, a move below the 23.6% Fib at 0.7344 clears the way for a test of the 14.6% retracement at 0.7280.

The current upswing appears corrective in the context of a larger NZDUSD down trend. With that in mind, we will stand aside for now, waiting for the move higher to be exhausted to enter short following the appearance of a defined bearish reversal signal.

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NZD/USD Technical Analysis: Waiting for Short Trade Setup

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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