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NZD/USD Technical Analysis: Rally Stalls at Former Support

NZD/USD Technical Analysis: Rally Stalls at Former Support

2015-02-20 04:04:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7448, 0.7344, 0.7280
  • Resistance:0.7532, 0.7616, 0.7721

The New Zealand Dollar paused to digest gains after rising to the highest level in a month against its US counterpart. A daily close above the intersection of channel support-turned-resistance and the 50% Fibonacci retracement 0.7532 exposes the 61.8% level at 0.7616. Alternatively, a move below the 38.2% Fib at 0.7448 clears the way for a test of the 23.6% retracement at 0.7344.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Rally Stalls at Former Support

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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