NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 Mark
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- 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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com