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NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 Mark

NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7532, 0.7448, 0.7344
  • Resistance:0.7616, 0.7720, 0.7825

The New Zealand Dollar continues to rise against its US counterpart having launched a recovery after producing in a bullish Morning Star candlestick pattern. A daily close above the 61.8% Fibonacci retracement at 0.7616 exposes the 0.7680-7721 area marked by a formerly broken range support and the 76.4% Fib. Alternatively, a move below the 50% Fib at 0.7532 clears the way for a test of the 38.2% retracement at 0.7448.

We see the dominant NZDUSD trend as favoring the downside. With that in mind, will treat on-coming gains as corrective and look to get short once the upswing runs its course and appears to show signs of reversing.

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NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 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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