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NZD/USD Technical Analysis: 2-Month Resistance Under Fire

NZD/USD Technical Analysis: 2-Month Resistance Under Fire

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar threatens two-month resistance below 0.74 once again
  • Actionable trade setup absent as prices negotiate chart threshold

The New Zealand Dollar has mounted another challenge of powerful resistance capping gains below the 0.74 figure against the greenback since late June. Beyond succeeding where multiple attempts failed before, a breakout would also negate a would-be bearish reversal signaled with a trend line breach two weeks ago.

A daily close above the July 12 high at 0.7325 initially opens the door for a test of the 38.2% Fibonacci expansion at 0.7368. Alternatively, a reversal below the 14.6% threshold at 0.7267 paves the way for another challenge of the 38.2% Fib retracement at 0.7217.

An actionable trade setup is absent at this time. On one hand, prices are too close to resistance to justify entering long from a risk/reward perspective. On the other, the absence of a clearly defined bearish reversal signal suggests taking up the short side is premature. Opting for the sidelines seems prudent for now.

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.