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NZD/USD Technical Analysis: Trying to Resolve Key Resistance

NZD/USD Technical Analysis: Trying to Resolve Key Resistance

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • New Zealand Dollar treading water below resistance set from July 2014
  • Waiting for attractive short trade setup to sell in line with long-term trend

The New Zealand Dollar remains locked in a narrow consolidation range against its US namesake as prices look for direction having tested key resistance set from July 2014. The pair’s behavior at this barrier is likely to prove defining for the near- and medium-term trend bias.

The first major layer of near-term support is at 0.6545, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 50% level at 0.6481. Alternatively, a push above the trend line – now at 0.6690 – paves the way for a challenge of the February 5 high at 0.6749.

We expect the long-term NZD/USD down trend to continue, in line with our 2016 fundamental outlook. An actionable opportunity to enter a short position is absent for the time being however. We will remain for now, waiting for the pair to present a more compelling setup.

What does traders’ positioning tell about NZD/USD direction? Find out here !

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