Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
NZD/USD Technical Analysis: Double Top Forming Below 0.70?

NZD/USD Technical Analysis: Double Top Forming Below 0.70?

Ilya Spivak,
What's on this page

NZD/USD Technical Strategy: NEUTRAL

  • Bearish Engulfing candlestick pattern hints Kiwi Dollar top is forming
  • Reversal confirmation needs break of trend support from January low
  • Breakdown would initially expose support region near the 0.67 figure

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

A New Zealand Dollar put in a Bearish Engulfing candlestick pattern on a test of resistance in the 0.6942-69 area, hinting that a move lower is ahead. A break below rising trend line support set from early January – now at 0.6842 – sets the stage for a decline to challenge the 0.6686-0.6713 zone.

Alternatively, a breach above resistance validated on a daily closing basis initially exposes the June 2018 swing top at 0.7060. This is followed by a more formidable upside barrier marking former range floor support in the 0.0.7174-88 region.

New Zealand Dollar vs US Dollar chart - daily

Confirmation of a bearish reversal – specifically, a clear breach of the near-term series of higher highs and lows – is still pending. That makes taking a short position at current levels appear to be premature. Opting for the sidelines appears to be most prudent until a better-defined opportunity presents itself.


--- Written by Ilya Spivak, Currency Strategist for

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.