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NZDUSD Technical Analysis: Is Kiwi Dollar Ready to Turn Lower?

NZDUSD Technical Analysis: Is Kiwi Dollar Ready to Turn Lower?

2019-07-03 03:00:00
Ilya Spivak, Head Strategist, APAC
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NZDUSD Technical ANALYSIS: NEUTRAL

  • New Zealand Dollar rejected at chart resistance near three-month high
  • Bearish Engulfing candlestick pattern hints a top may have been formed
  • Confirmation of reversal needs break of rising trend line from mid-June

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The New Zealand Dollar put in a Bearish Engulfing candlestick pattern on a retest of support-turned-resistance in the 0.6699-0.6727 area, hinting that the upswing of mid-June lows may have topped. Initial support line in the 0.6653-73 zone, with a break below that on a daily closing basis opening the door for another challenge of the 0.6575-91 region.

NZDUSD Technical Analysis: Is Kiwi Dollar Ready to Turn Lower?

A look at more immediate positioning on the four-hour chart warns against overextrapolation however. Prices are resting at rising trendline support defining the bounds of the latest upside foray, warning that a convincing reversal is yet to be confirmed. Indeed, a bounce from support may yet materialize, with a push above the 0.6682-85 price band putting the June high at 0.6727 back in focus.

New Zealand Dollar vs US Dollar chart - 4 hour

On balance, this makes for conflicted direction cues and hints that traders might opt against showing strong commitment one way or another until greater clarity can be had. A break below trend support – now at 0.6645 – would begin to resolve the matter in sellers’ favor. Alternatively, a daily close above last month’s swing top would invalidate topping cues and set the stage for upward continuation.

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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