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NZDUSD Chart Analysis: Downtrend Ready to Resume After Bounce?

NZDUSD Chart Analysis: Downtrend Ready to Resume After Bounce?

Ilya Spivak, Head Strategist, APAC

NZDUSD Technical Strategy: BEARISH

  • NZD rebound stalling ahead of dense resistance bloc around 0.67 figure
  • Shooting Star candles, near-term trend line break argue for bearish bias
  • Critical support remains near 0.65, resistance running through 0.6727

See our free trading guide to help build confidence in your NZDUSD trading strategy!

The New Zealand Dollar rebounded after finding support near the 0.65 figure against its US counterpart, breaking the bounds of the downtrend from late-March highs. A pair of dramatic-looking Shooting Star candlesticks ahead of a dense resistance bloc running through 0.6727 hints upside momentum is fading however, suggesting sellers may soon retake the initiative.

NZDUSD price chart - daily

In fact, zooming in to the four-hour chart for a sense of near-term positioning, it seems like a bearish reversal may be in the works already. NZDUSD looks to have broken support guiding it higher over the past week, painting that rise as corrective and suggesting the longer-term decline is back in play. A push below immediate support in the 0.6559-78 area is likely to expose recent lows near the 0.65 once again.

NZDUSD price chart - 4 hour

NZDUSD 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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