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NZD/USD Technical Analysis: Down Trend Trying to Resume

NZD/USD Technical Analysis: Down Trend Trying to Resume

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Short at 0.7273
  • Kiwi Dollar working to resume down trend after corrective recovery
  • Short position established below 0.73 figure continues to be in play

The New Zealand Dollar is working to resume the down trend against its US counterpart following a corrective recovery launched from above the 0.70 figure. Prices topped below the 0.75 mark as expected, beginning a down move that would go on to break the uptrend from lows set in late May.

From here, a daily close below the 38.2% Fibonacci expansion at 0.7094 opens the door for a test of the 50% level at 0.7041, a barrier reinforced by the October 13 low at 0.7035. Alternatively, a move back above the 0.7160-62 area (23.6% Fib, October 25 close) exposes support-turned-resistance at 0.7235.

A short NZD/USD trade was activated at 0.7273 and profit on half of the position has been taken. Remaining exposure continues to be in play, aiming to capture downward continuation. The stop-loss has been adjusted to the breakeven level (0.7273).

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.