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NZD/USD Technical Analysis: Candle Setup Hints at Downturn

NZD/USD Technical Analysis: Candle Setup Hints at Downturn

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Bearish Kiwi Dollar chart pattern hints down trend may be resuming
  • Proximity to support argues against re-entering short trade for now

The New Zealand Dollar put in a bearish Dark Cloud Cover candlestick pattern, hinting a turn lower against its US namesake may be ahead after a brief upswing. The setup has emerged after a retest of major trend line support-turned-resistance, seemingly bolstering the case for a bearish scenario.

Near-term support is at 0.7068, the 23.6% Fibonacci expansion, with a daily close below that opening the door for a test of the 38.2% level at 0.7005. Alternatively, a move back above the 0.7136-62 area (38.2% Fib retracement, trend line) paves the way for a challenge of the 50% threshold at 0.7187.

The second half of a short NZD/USD trade triggered at 0.7095 stopped out at breakeven amid recent gains after booking initial profit. Re-entering the position seems compelling but risk/reward considerations argue against it with prices squarely at support. Waiting on the sidelines seems most attractive for now.

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NZD/USD Technical Analysis: Candle Setup Hints at Downturn

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