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NZD/USD Technical Analysis: Passing on Short Trade Setup

NZD/USD Technical Analysis: Passing on Short Trade Setup

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7406, 0.7332, 0.7246
  • Resistance:0.7524, 0.7616, 0.7696

The New Zealand Dollar may be resuming the down trend against its US counterpart after recoiling from a trend line capping gains since late October. Near-term support is in the 0.7406-18 area (horizontal pivot, 38.2% Fibonacci expansion), with a break below that on a daily closing basis exposing the 50% level at 0.7332. Alternatively, a reversal above the 23.6% Fib at 0.7524 opens the door for a test of the 0.7590-0.7616 zone (14.6% expansion, trend line).

While entering short seems compelling from a purely technical perspective, we will tactically opt to stand aside for now. The upcoming release of minutes from the March FOMC meeting represents significant event risk that may materially alter positioning.

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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