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NZD/USD Technical Analysis: Waiting to Re-Establish Short

NZD/USD Technical Analysis: Waiting to Re-Establish Short

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar Gains Most in a Month, Moves to Challenge 0.66 Figure vs. US Dollar
  • Waiting to Sell Anew After Stop Triggers on Short Trade Entered Below 0.65 Figure

The New Zealand Dollar moved to challenge the 0.66 figure against its US namesake afterput in the largest daily advance in a month. Prices now stand at trend line resistance establishing the down move from mid-October.

A daily close above 0.6607 – the intersection of the 38.2% Fibonacci retracement and the aforementioned trend line – opens the door for a challenge of the 50% level at 0.6663. Alternatively, a reversal below the 23.6% Fib at 0.6539 clears the way for a test of the 14.6% retracement at 0.6497.

We entered short NZD/USD at 0.6475. The trade has been stopped out on a daily close above 0.6507, the July 16 close. The dominant trend bias remains bearish however. As such, we will wait for prices to produce a new bearish reversal signal suggesting the recovery has fizzled and look to re-enter the short position.

Losing Money Trading Forex? This Might Be Why.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.