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NZD/USD Technical Analysis: Sellers Take Aim at 0.67 Figure

NZD/USD Technical Analysis: Sellers Take Aim at 0.67 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Short at 0.6774
  • Kiwi Dollar breaks trend line support, hints at Double Top confirmation
  • Short position now in play, aiming for a descent toward the 0.67 figure

The New Zealand Dollar broke through trend line support defining the rising trend against its US counterpart since late January. The move hints at confirmation of a double top below the 0.71 figure and argues for resumption of the long-term down trend.

A daily close below the 50% Fibonacci retracement at 0.6701 paves the way for a challenge of the 0.6576-0.6617 area, marked by a horizontal pivot and the 61.8% level. Alternatively, a reversal back above the 0.6784-0.6807 zone (38.2% Fib, April 27 low) targets the 0.6887-0.6924 region (23.6% retracement, former support).

Technical positioning and risk/reward parameters appear acceptable to attempt a short position and a trade has been triggered at 0.6774, initially targeting 0.6701. A stop-loss will be activated on a daily close above 0.6807. Profit on half of open exposure will be taken and the stop-loss moved to the breakeven level when the first objective is reached.

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