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NZD/USD Technical Analysis: Kiwi Jumps to 15-Month High

NZD/USD Technical Analysis: Kiwi Jumps to 15-Month High

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar jumps to 15-month high following RBNZ rate decision
  • Breakout confirmation lacking absent close above late-June high

The New Zealand Dollar spiked to the highest level in 15 months against its US counterpart following the RBNZ monetary policy announcement. Confirmation of a sustained break upward beyond resistance in play since late June remains absent for now however.

From here, a daily close above the June 24 high at 0.7298 opens the door for a challenge of the 61.8% Fibonacci expansion at 0.7353. Alternatively, a move back below falling trend line resistance-turned-support at 0.7224 paves the way for a test of a horizontal pivot at 0.7102.

Prices are too close to resistance to justify entering a long trade from a risk/reward perspective. On the other hand, the absence of a clearly-defined bearish reversal signal suggests taking up the short side is premature. With that in mind, opting for the sidelines seems prudent until something more tangible emerges.

Track short-term NZD/USD price patterns with the GSI indicator !

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