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NZD/USD Technical Analysis: Down Trend Intact After Surge

NZD/USD Technical Analysis: Down Trend Intact After Surge

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The New Zealand Dollar enjoyed its biggest advance in two months as its US counterpart slumped following the FOMC monetary policy announcement (as expected). The medium-term down trend established from February’s swing high remains intact however.

A daily close below the 14.6% Fibonacci expansion at 0.6978 opens the door for a test of the 23.6% level at 0.6934. Alternatively, a break above the 38.2% Fib retracement at 0.7075 paves the way for a challenge of the 50% threshold at 0.7133.

An entry order to sell NZDUSD at 0.7205 was triggered, with profit on half of the trade booked once prices hit 0.7138. Remaining exposure continues to be in play to capture the developing down trend. The stop-loss has been trailed to the breakeven level.

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