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NZD/USD Technical Analysis: Treading Water Above 0.64

NZD/USD Technical Analysis: Treading Water Above 0.64

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • FOMC, RBNZ Rate Decisions May Break Consolidation Above 0.64 Figure
  • Looking for Short Entry Opportunity in Line with Dominant Bearish Trend

The New Zealand Dollar is stuck in consolidation mode above the 0.64 figure against the US Dollar after attempting to launch a rebound from four-month lows. Top-tier event risk by way of monetary policy announcements from the FOMC and the RBNZ may break the standstill.

Near-term resistance is at 0.6552, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis paving the way for a test of the 50% level at 0.6615. Alternatively, a turn below support in the 0.6397-6433 area (horizontal pivot, 23.6% Fib expansion) opens the door for a challenge of the 38.2% threshold at 0.6354.

An actionable trade setup is absent for the time being. The dominant long-term trend continues to look bearish however. We will remain on the sidelines for the time being, waiting for price action to offer an attractive selling opportunity.

How are FXCM traders positioned in NZD/USD? Find out here!

NZD/USD Technical Analysis: Treading Water Above 0.64

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