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NZD/USD Technical Analysis: Kiwi Dollar Aiming Above 0.68

NZD/USD Technical Analysis: Kiwi Dollar Aiming Above 0.68

2018-11-07 02:18:00
Ilya Spivak, Sr. Currency Strategist
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NZD/USD Technical Strategy: FLAT

  • New Zealand Dollar poised to test above 0.68 after breaking resistance
  • Support now just below 0.67, reversal to see first major barrier at 0.65
  • Opting against long trade on US midterm election, RBNZ rate decision

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The New Zealand Dollar looks poised to probe above the 0.68 figure against its US counterpart having bottomed above the 0.64 mark, as expected. A breach above resistance in the 0.6688-0.6726 area builds on last week’s break of downtrend resistance set from mid-April, exposing 0.6851 next.

Alternatively, a reversal back below 0.6688 – now recast as support – confirmed on a daily closing basis opens the door for a retest of minor resistance-turned-support in the 0.6592-0.6619 zone. This followed by a more substantive barrier at the 0.65 figure.

New Zealand Dollar vs US Dollar chart - daily

While the technical picture seems to suggest scope for further upside and risk/reward parameters on a long position seem acceptable, the proximity of heavy-duty event risk warns against taking the trade. US midterm elections may substantially alter the landscape and an RBNZ rate decision is on tap.

NZD/USD TRADING RESOURCES:

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the Comments section below or @IlyaSpivak on Twitter

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

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