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NZD/USD Technical Analysis: Prices Drop to 5-Year Low

NZD/USD Technical Analysis: Prices Drop to 5-Year Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7024, 0.6956, 0.6871
  • Resistance:0.7126, 0.7231, 0.7333

The New Zealand Dollar tumbled against its US namesake after the RBNZ issued an unexpected interest rate cut, threatening to overturn an earlier trend line breach. A daily close below the 0.7024-61 area (June 5 low, 23.6% Fibonacci expansion) exposes the 38.2% level at 0.6956. Alternatively, a reversal above the 14.6% Fib at 0.7126 clears the way for a challenge of the June 10 high at 0.7231.

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: Prices Drop to 5-Year Low

--- 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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