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NZD/USD Technical Analysis: Eyeing Resistance Above 0.67

NZD/USD Technical Analysis: Eyeing Resistance Above 0.67

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.6568, 0.6458, 0.6349
  • Resistance:0.6783, 0.6885, 0.7049

The New Zealand Dollar is inching higher after rebounding from support at the bottom of a channel guiding the down trend against its US counterpart since April. A daily close above the 14.6% Fibonacci retracement at 0.6783 exposes 0.6885 (23.6% level, channel top). Alternatively, a turn below 0.6568 (channel floor, 38.2% Fib expansion) clears the way for a challenge of the 50% threshold at 0.6458.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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!

--- 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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