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NZD/USD Technical Analysis: December High in the Crosshairs

NZD/USD Technical Analysis: December High in the Crosshairs

2019-02-01 06:00:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Strategy: NEUTRAL

  • New Zealand Dollar eyeing December high after Fed-inspired rally
  • Break upward opens the door for an advance above the 0.70 figure
  • Confirmation, improved risk/reward sought before entering a trade

See our free trading guide to help build confidence in your NZD/USD trading strategy!

A New Zealand Dollar is poised to challenge the December’s swing high at 0.6969 after punching through resistance in the 0.6849-84 area. The surge followed seemingly dovish FOMC policy announcement that weighed on the Greenback while boosting sentiment-geared assets, including the Kiwi unit.

From here, a break above immediate resistance confirmed on a daily closing basis opens the door for a test of the June 2018 swing top at 0.7060. Alternatively, a turn back below 0.6849 – now recast as support – sets the stage for a retest of the 0.6686-0.6713 zone.

NZD/USD Technical Analysis: December High in the Crosshairs

Current positioning does not seem to offer a compelling trading opportunity. On one hand, prices are too close to immediate resistance to justify entering long from a risk/reward perspective. On the other, the absence of a bearish reversal signal hints taking up the short side is premature. Standing aside seems most prudent until a better-defined setup presents itself.

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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