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NZD/USD Technical Analysis: Kiwi Top May Be Forming

NZD/USD Technical Analysis: Kiwi Top May Be Forming

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Bearish candle pattern hints Kiwi Dollar selloff may be resuming
  • Entering short unattractive as prices sit atop near-term support

The New Zealand Dollar turned lower against its US counterpart as expected after prices stalled ahead of a trend-defining technical barrier near the 0.72 figure. The pair has now put in a bearish Evening Star candlestick pattern, hinting down trend resumption may be just around the corner.

Near-term support is at 0.7121, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 38.2% level at 0.7058. Alternatively, a reversal above trend line support-turned resistance at 0.7187 targets the 61.8% Fib retracement at 0.7238.

Prices are sitting squarely atop immediate chart support, suggesting that entering short is unattractive at current levels from a risk/reward perspective. Standing on the sidelines seems appropriate for now until a better-defined trading opportunity presents itself.

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