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NZD/USD Technical Analysis: Five-Month Trend Support Under Fire

NZD/USD Technical Analysis: Five-Month Trend Support Under Fire

2019-03-07 04:00:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Strategy: NEUTRAL

  • Kiwi Dollar testing 5-month support after establishing a double top
  • Daily close below 0.67 may mark resumption of dominant downtrend
  • Improved risk/reward and confirmation needed for actionable trade

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

The New Zealand Dollar turned lower against its US counterpart after putting in a Bearish Engulfing candlestick pattern, as expected. Sellers are now testing trend line support guiding the move higher from early October, a barrier reinforced by a chart inflection area in the 0.6700-20 region.

Breaking below this barrier on a daily closing basis would expose the 0.6591-0.6619 zone next. More broadly, it would suggest that the dominant downtrend started in mid-April 2018 has resumed. Immediate resistance is in the 0.6893-0.6903 band, followed by the 0.6942-69 double top.

New Zealand Dollar vs US Dollar chart - daily

Prices are too close to immediate support to justify entering short from a risk/reward perspective. On the other hand, taking up the long side seems premature absent a defined bullish reversal signal. With that in mind, investors may opt for the sidelines until a more attractive opportunity 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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