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NZD/USD Technical Analysis: Selloff Stalls Near 0.64 Figure

NZD/USD Technical Analysis: Selloff Stalls Near 0.64 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • New Zealand Dollar Selloff Stalls as Prices Find Interim Support Near 0.64 Figure
  • Profit Taken on Half of Short Position, Stop Moved to Breakeven on the Remainder

The New Zealand Dollar has stalled having found interim support below the 0.64 figure against its US counterpart after touching the lowest level in three months. The move higher to close a downside gap at the start of this trading week marked the largest advance in three weeks.

Sellers are now testing the 0.6397-0.6429 area, bracketed by resistance-turned-support dating back to September and the November 18 low. A break below this barrier on a daily closing basis opens the door for a challenge of the 123.6% Fibonacci expansion at 0.6303. Alternatively, a reversal back above the 76.4% level at 0.6525 paves the way for a test of the 61.8% Fib at 0.6593.

We entered short NZD/USD at 0.6493 and have since booked profits on half of the position. The remainder of the trade remains in play to capture any further downside momentum. The stop-loss has been adjusted to the breakeven level.

Losing Money Trading Forex? This Might Be Why.

NZD/USD Technical Analysis: Selloff Stalls Near 0.64 Figure

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