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NZD/USD Technical Analysis: Kiwi Downturn in the Cards?

NZD/USD Technical Analysis: Kiwi Downturn in the Cards?

2015-05-01 03:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7602, 0.7521, 0.7452
  • Resistance:0.7709, 0.7756, 0.7825

The New Zealand Dollar may be readying to turn lower against its US namesake after prices put in a bearish Three Inside Down candlestick pattern. A daily close below trend line support at 0.7602 exposes the 38.2% Fibonacci retracement at 0.7521. Alternatively, a turn above trend line resistance at 0.7709 clears the way for a challenge of the 38.2% Fib expansion at 0.7756.

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!

NZD/USD Technical Analysis: Kiwi Downturn in the Cards?

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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