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NZD/USD Technical Analysis: Channel Top Under Pressure

NZD/USD Technical Analysis: Channel Top Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.6512, 0.6353, 0.6218
  • Resistance:0.6679, 0.6791, 0.6973

The New Zealand Dollar is trying to edge upward against its US counterpart after producing a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 0.6679 exposes the 23.6% level at 0.6791. Alternatively, a move below the 14.6% Fib expansion at 0.6512 clears the way for a challenge of the 0.6353-0.6400 area (channel floor, 23.6% expansion).

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!

NZD/USD Technical Analysis: Channel Top 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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