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NZD/USD Technical Analysis: Range Top Back in Play

NZD/USD Technical Analysis: Range Top Back in Play

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar recoils from familiar range floor support once again
  • Bearish bias favored but clear-cut topping signal absent for now

The New Zealand Dollar rebounded having found support at the bottom of a range that has confined price action against the currency’s US namesake for two weeks. Overall positioning continues to favor weakness since prices established a top early in the month, as expected.

From here, a daily close above the 0.7229-39 area (23.6% Fibonacci expansion, December 14 high) paves the way for a retest of the 0.7376-0.7403 zone (November 8, February 7 highs). Alternatively, a turn below the 38.2% level at 0.7138 sees the next downside barrier at 0.7064, the 50% Fib.

A short position opened at 0.7207 hit its first target and partial profit was booked. Remaining exposure was stopped out at breakeven. The absence of identifiable topping cues near range resistance argue against re-entering the trade currently.

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