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NZD/USD Technical Analysis: Down Trend Back in Play?

NZD/USD Technical Analysis: Down Trend Back in Play?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7570, 0.7492, 0.7429
  • Resistance:0.7665, 0.7756, 0.7847

The New Zealand Dollar is edging lower as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is at 0.7570, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 0.7492.Alternatively, a reversal above 0.7665 (trend line, 76.4% Fib expansion) opens the door for a test of the 100% threshold at 0.7756.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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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.

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