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NZD/USD Technical Analysis: Support Found Below 0.76

NZD/USD Technical Analysis: Support Found Below 0.76

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7582, 0.7519, 0.7450
  • Resistance:0.7658, 0.7721, 0.7799

The New Zealand Dollar is consolidating losses after being rejected downward at the March swing high against its US namesake. A daily close below the 0.7582-95 area (horizontal pivot, 38.2% Fibonacci expansion) exposes 0.7519 (38.2% Fib retracement, rising trend line). Alternatively, a reversal above the 0.7647-58 area (December 8 2014 close, 50% expansion) clears the way for a challenge of the 50% level at 0.7721.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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 provides forex news and technical analysis on the trends that influence the global currency markets.