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NZD/USD Technical Analysis: Upside Breakout at Hand?

NZD/USD Technical Analysis: Upside Breakout at Hand?

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • New Zealand Dollar trying to break above range resistance vs. US Dollar
  • Waiting for sell signal to short in line with dominant long-term trend bias

The New Zealand Dollar is attempting to break above congestion range resistance that has capped the upside against the currency’s US counterpart for a month. Prices have erased early-week losses following a round of soft economic data, with buyers working on a fifth consecutive advance.

A daily close above the February 26 high at 0.6775 opens the door for a test of double top resistance in the 0.6883-97 area. Alternatively, a reversal below the 38.2% Fibonacci expansion at 0.6570 paves the way for a challenge of the 50% level at 0.6507.

Our 2016 fundamental outlook calls for the dominant NZD/USD trend to continue. That paints any on-coming upside momentum as corrective. We will wait for the move to run its course and look to enter short once an actionable bearish reversal signal emerges.

Are FXCM traders buying or selling NZD/USD? Find out here !

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