Skip to Content
News & Analysis at your fingertips.
Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
NZD/USD Technical Analysis: Clinging to Channel Support

NZD/USD Technical Analysis: Clinging to Channel Support

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.6628, 0.6568, 0.6458
  • Resistance:0.6704, 0.6787, 0.6923

The New Zealand Dollar continues to test the bottom of a falling channel capping losses against its US counterpart since late April. Near-term channel support is at 0.6628, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.6568. Alternatively, a turn back above the 23.6% level at 0.6704 opens the door for a test of the 14.6% Fib at 0.6787.

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