NZD/USD Technical Analysis: Kiwi Recovery Hinted Ahead
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- NZD/USD Technical Strategy: Flat
- Support: 0.7068, 0.7005, 0.6942
- Resistance:0.7145, 0.7193, 0.7259
The New Zealand Dollar may be readying to turn higher against its US counterpart following the appearance of an Inverted Hammer candlestick. Near-term resistance is at 0.7145, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6% level at 0.7193. Alternatively, a turn below the 38.2% Fib at 0.7068 opens the door for a test of the 50% expansion at 0.7005.
An Inverted Hammer candle is indicative of indecision and does not amount to a sufficient-enough reversal signal in its own right without further confirmation. With that in mind, we will remain on the sidelines for now and wait for a more actionable setup to present itself.
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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.