Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
NZD/USD Technical Analysis: Prices Poised to Pick Direction

NZD/USD Technical Analysis: Prices Poised to Pick Direction

Ilya Spivak,

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar waiting for new direction cues to emerge amid congestion
  • Stalled near-term price action remains within bounds of larger down trend

The New Zealand Dollar is mired in a choppy congestion range below the 0.71 figure against its US cousin as prices struggle to find lasting directional momentum. Still, the broader longer-term trend bias appears to favor the downside.

Interim support is at 0.6975, the 23.6% Fibonacci expansion, with a daily close below that opening the door for a test of the 38.2% level at 0.6905. Alternatively, a push above the 38.2% Fib retracement at 0.7076 paves the way for a challenge of the 50% threshold at 0.7133.

Immediate selling pressure has ebbed and prices have become rudderless. Consolidation may precede downward resumption or a reversal higher, but thus far positioning looks non-committal. With that in mind, choosing to wait for a better-defined opportunity seems most attractive.

Have a question about trading NZD/USD? Join a Trading Q&A webinar and ask it live!

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

DISCLOSURES