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NZD/USD Technical Analysis: Monthly High Back in Play

NZD/USD Technical Analysis: Monthly High Back in Play

2017-06-27 07:16:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar testing monthly highs vs. US counterpart again
  • Early RSI divergence may be forming but clear signal absent

The New Zealand Dollaris once again testing familiar resistance above the 0.73 figure marking a five-month high against its US counterpart. Early hints at negative RSI divergence – a sign of ebbing upside momentum – may be starting to take shape but a clear-cut bearish reversal signal is decidedly absent.

A daily close above the June 14 high at 0.7320 opens the door for a challenge of the 0.7377-82 area (38.2% Fibonacci expansion, double top). Alternatively, a turn back below 0.7259 (rising trend line, 14.6% level) paves the way for a retest of the June 15 low at 0.7186.

An actionable trade setup is absent at this point. Prices are too close to resistance to justify chasing the near-term up move from a risk/reward perspective. On the other hand, taking up the short side seems premature without defined signs of topping. As such, standing aside seems most attractive for now.

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NZD/USD Technical Analysis: Monthly High Back in Play

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