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NZD/USD Technical Analysis: Poised for Larger Recovery

NZD/USD Technical Analysis: Poised for Larger Recovery

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7514, 0.7479, 0.7421
  • Resistance:0.7573, 0.7619, 0.7666

The New Zealand Dollar looks to be resuming the advance against its US counterpart, clearing a formerly broken channel floor recast as resistance. A daily close above the 38.2% Fibonacci expansion at 0.7573 exposes the 50% level at 0.7619. Alternatively, a move below the 23.6% Fib at 0.7514 clears the way for a test of the 14.6% expansion at 0.7479.

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!

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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