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NZD/USD Technical Analysis: 0.71 Figure Under Pressure

NZD/USD Technical Analysis: 0.71 Figure Under Pressure

2015-06-01 03:18:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7068, 0.7005, 0.6942
  • Resistance:0.7145, 0.7193, 0.7281

The New Zealand Dollar continues to push lower against its US namesake, falling to the lowest level in five years. A daily close below the 38.2% Fibonacci expansionat 0.7068 exposes the 50% level at 0.7005. Alternatively, a reversal above the 23.6% Fib at 0.7145 clears the way for a challenge of the 14.6% expansion at 0.7193.

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: 0.71 Figure Under Pressure

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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