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NZD/USD Technical Analysis: Sellers Trying to Retake Momentum

NZD/USD Technical Analysis: Sellers Trying to Retake Momentum

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Short at 0.7205
  • Kiwi Dollar edging lower having stalled below 0.71 figure
  • Down trend resumption confirmation still pending for now

The New Zealand Dollar is cautiously edging lower against its US namesake after a bounce from early-March lows stalled at resistance below the 0.71 figure. Clear-cut confirmation of down trend resumption remains elusive for the time being however.

Near-term support is at 0.6976, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposes the 0.6890-0.6906 area (March 9 low, 38.2% level). Alternatively, a breach of trend line resistance, now at 0.7032, paves the way for a retest of the 38.2% Fib retracement at 0.7075.

A short NZDUSD trade was activated at 0.7205 and partial profit was subsequently taken after prices descended to the position’s first target. Remaining exposure continues to be in play, looking to capture renewed bearish momentum. The stop-loss is now at breakeven (0.7205).

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

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