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NZD/USD Technical Analysis: Topping Below 0.73 Figure?

NZD/USD Technical Analysis: Topping Below 0.73 Figure?

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar continues to tread water near 0.73 vs. US counterpart
  • Negative RSI divergence hints at topping but confirmation is absent

The New Zealand Dollar continues to tread water in a narrow range against its US namesake having repeatedly failed to hold up above the 0.73 figure. Emerging negative RSI divergence hints at ebbing upside momentum and may be signaling a downward reversal on the horizon.

Near-term rising trend line support is now at 0.7225, with a break below that opening the door for a test of a horizontal pivot level at 0.7102. Alternatively, a daily close above the June 24 high at 0.7298 paves the way for a challenge of the 61.8% Fibonacci expansion at 0.7353.

Positioning is inconclusive at this point. While early downside reversal cues appear to be emerging, a clear-cut reversal signal is conspicuously absent. Furthermore, prices are wedged too tightly between immediate support and resistance to justify a trade from a risk/reward perspective. Opting for the sidelines seems prudent.

What do past NZD/USD price patterns hint about current trends? Find out here !

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