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NZD/USD Technical Analysis: Working on Sixth Week of Gains

NZD/USD Technical Analysis: Working on Sixth Week of Gains

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Kiwi Dollar working on sixth consecutive weekly gain, aiming about 0.73
  • Adverse risk/reward parameters warn against entering long trade for now

The New Zealand Dollar continues to push upward against its US namesake, with prices now seemingly aiming to test the waters above the 0.73 figure. The currency is working on a sixth consecutive week of gains, which would amount to the longest run in over seven months.

Near-term resistance is at 0.7345, the 76.4% Fibonacci retracement. A daily close above that initially targets the September 20 swing high at 0.7434, followed by the July 27 peak at 0.7558. Alternatively, a turn back below the 61.8% level at 0.7261 exposes the 0.7170-0.7212 zone (trend line, 50% Fib)

Entering long is a tempting proposition but an attractive risk/reward setup seems tough to define. A break of trend line support is the logical stop-loss parameter but that implies exposure to too great of a drawdown relative to the first available upside target. Waiting for a better-defined setup appears to make sense.

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

NZD/USD Technical Analysis: Working on Sixth Week of Gains

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