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NZD/USD Technical Analysis: Struggling to Reverse Down Trend

NZD/USD Technical Analysis: Struggling to Reverse Down Trend

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Post-FOMC Kiwi Dollar surge struggles to breach trend-defining resistance
  • Overall bias favors downside but actionable signal needed to re-enter short

The New Zealand Dollar is struggling to sustain upward momentum having recovered to the highest level in two months against its US counterpart. A choppy range has been carved out below trend-defining resistance, hinting that recent gains might be corrective within a still-valid downward trend.

From here, a daily close above trend line resistance in the 0.7024-43 area opens the door for a challenge of the 38.2% Fibonacci retracement at 0.7078. Alternatively, a move back below the 23.6% level at 0.6964 paves the way for a retest of former range top resistance at 0.6911, now recast as support.

The short NZD/USD position triggered at 0.6895 was stopped out as prices soared amid a broad-based US Dollar selloff inspired by last week’s FOMC policy announcement. Re-entering the trade seems premature absent an actionable reversal signal, making the sidelines appear most attractive for the time being.

Need help building confidence in your NZD/USD strategy? See our guide here !

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