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NZD/USD Technical Analysis: Trying to Rekindle Uptrend

NZD/USD Technical Analysis: Trying to Rekindle Uptrend

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar attempting to rekindle stalled upward momentum
  • Risk/reward parameters argue against long trade on breakout

The New Zealand Dollar is attempting to renew upward momentum as prices fight to trigger a test of trend resistance capping gains since September 2016. The pair has been digesting gains near the 0.72 figure but a strong push to four-month highs now looks like it may have follow-on potential.

Confirmation of a break beyond the 50% Fibonacci expansion at 0.7211 on a daily closing basis opens the door for a test of the 61.8% level at 0.7246. Alternatively, a reversal back below the 38.2% Fib at 0.7175 exposes the 23.6% expansion at 0.7130 anew.

Even if the break is confirmed, the near-term trading range is a bit too narrow relative to ATR studies to justify getting long from a risk/reward perspective. With that in mind, opting for the sidelines seems most prudent until an actionable trading opportunity presents itself.

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NZD/USD Technical Analysis: Trying to Rekindle Uptrend

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