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NZD/USD Technical Analysis: Channel Floor Under Pressure

NZD/USD Technical Analysis: Channel Floor Under Pressure

Ilya Spivak, Head Strategist, APAC

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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 remains under pressure against its US namesake, with prices aiming at channel support set from late April. A daily close below 0.6704 (23.6% Fibonacci expansion, channel floor) exposes the 38.2% level at 0.6568. Alternatively, a move above the 14.6% Fib at 0.6787 clears the way for a test of the June 25 high at 0.6923.

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: Channel Floor Under Pressure

--- 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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