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NZD/USD Technical Analysis: Looking to Sell Above 0.68

NZD/USD Technical Analysis: Looking to Sell Above 0.68

2016-01-05 04:44:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Pending Short at 0.6825
  • Trend Line Break Follows Bearish Engulfing Candle, Hinting Double Top in Place
  • Entry Order to Sell NZ Dollar vs. US Counterpart Established Above 0.68 Figure

The New Zealand Dollar looks to have set a double top below the 0.69 figure against its US namesake after putting in a Bearish Engulfing candlestick pattern. The case for a larger downward reversal is made stronger by a break through rising trend line support set from mid-November.

From here, a break below the December 18 low at 0.6681 on a daily closing basis opens the door for a challenge of a horizontal pivot at 0.6619. Alternatively, a reversal above trend line support-turned-resistance, now at 0.6798, paves the way for a test of the newly-established double top in the 0.6883-97 area.

We are keen to enter short NZD/USD in line with the long-term down trend but prices are too close to support to justify taking the trade at market on risk/reward grounds. With that in mind, we will set an entry order to sell the pair at 0.6825. If triggered, the position will initially target 0.6681 and carry a stop-loss activated on a daily close above 0.6897.

Losing Money Trading Forex? This Might Be Why.

NZD/USD Technical Analysis: Looking to Sell Above 0.68

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