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NZD/USD Technical Analysis: Key Resistance in the Crosshairs

NZD/USD Technical Analysis: Key Resistance in the Crosshairs

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar gains for third day straight, moves to challenge March top
  • Bearish reversal cues remain as prices oscillate within a Rising Wedge

The New Zealand Dollar continues to accelerate upward against its US counterpart, with prices putting in the third consecutive day of gains. Overall positioning still looks to be taking the shape of a Rising Wedge pattern however, a setup that may he hinting at a looming reversal downward.

Near-term support is at 0.6905, the 23.6% Fibonacci expansion, with a turn back below that opening the door for a test of wedge floor support at 0.6807. Alternatively, a push above the 38.2% expansion at 0.6995 paves the way for a challenge of the 50% Fib at 0.7069.

Technical positioning appears to agree with our 2016 fundamental outlook, which envisions NZD/USD gains as corrective and argues for a selling into down trend resumption. Entry confirmation is absent for now however and we will remain on the sidelines until something actionable presents itself.

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