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NZDUSD Chart Analysis: Sellers Threaten 17-Year Trend Support

NZDUSD Chart Analysis: Sellers Threaten 17-Year Trend Support

Ilya Spivak, Head Strategist, APAC

NZDUSD Technical Strategy: BEARISH

  • NZD recovery falters at chart resistance, prices sink back to late-May low
  • Break of immediate support exposes 2018 low, resistance just below 0.66
  • Long-term direction change may be triggered on 17-year trendline break

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

The New Zealand Dollar lost upside momentum against its US counterpart upon testing a dense resistance bloc running upward through 0.6727, as expected. The currency has now erased all of the upswing from late-May lows and rests atop familiar support in the 0.6476-0.6501 area.

Breaking below this boundary on a daily closing basis initially opens the door for a challenge of the October 8 swing bottom at 0.6425. Immediate resistance is in the 0.6575-91 zone, with a reversal back above that putting the lower bound of the 0.6727-topped resistance bloc at 0.6653 back in the spotlight.

NZDUSD price chart - daily

Zooming out to the monthly chart reveals NZDUSD sellers to be threatening much more than just the latest swing low. The pair appears to be sitting squarely atop 17-year rising trend support. A breakdown here would mark a tectonic shift in the underlying directional bias, setting the stage for lasting weakness to come.

NZDUSD price chart - monthly

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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