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NZD/USD Chart Analysis: Key Support Pressured as RBNZ Looms Ahead

NZD/USD Chart Analysis: Key Support Pressured as RBNZ Looms Ahead

2019-05-08 00:30:00
Ilya Spivak, Sr. Currency Strategist
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NZD/USD Technical Strategy: BEARISH

  • NZ Dollar testing key support near 0.66 as RBNZ rate decision nears
  • Break lower exposes 0.65 figure, followed by October’s swing bottom
  • Close above 0.6647 likely needed to neutralize near-term bearish cues

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The New Zealand Dollar has pulled back to sit squarely atop familiar support in the 0.6591-0.6619 area after a tepid upswing against its US counterpart was rejected at trend line resistance. How prices will resolve themselves here is likely to follow on from the looming RBNZ monetary policy announcement.

A daily close below support sets the stage to challenge the 0.65 figure. That is followed by October’s swing bottom at 0.6425 shortly thereafter, with breach below this threshold suggesting that the longer-term term down trend established from April 2018 has been re-engaged.

Falling trend line resistance is now at 0.6647. A break above this barrier – likewise confirmed on a daily closing basis – would neutralize immediate selling pressure and put the spotlight on resistance in the 0.6699-0.6727 chart inflection region.

New Zealand Dollar vs US Dollar chart - daily

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

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

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