Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
NZD/USD Technical Analysis: Kiwi Slumps to 5-Year Low

NZD/USD Technical Analysis: Kiwi Slumps to 5-Year Low

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.6704, 0.6568, 0.6458
  • Resistance:0.6787, 0.6923, 0.6970

The New Zealand Dollar turned lower anew against its US counterpart, dropping to the weakest level in over five years. Near-term support is at 0.6704 (23.6% Fibonacci expansion, channel floor), with a break below that on a daily closing basis exposing the 38.2% level at 0.6568. Alternatively, a turn back above the 14.6% Fib at 0.6787 opens the door for a test of the June 25 high at 0.6923.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

--- 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.

DISCLOSURES