NZD/USD Technical Analysis: Poised for Larger Recovery
26 Feb 2015 00:16, GMTTo receive Ilya's analysis directly via email, please SIGN UP HERE
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.
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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.