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NZD/USD Technical Analysis: Closing in on 19-Year Trend Break

NZD/USD Technical Analysis: Closing in on 19-Year Trend Break

2019-08-20 02:00:00
Ilya Spivak, Sr. Currency Strategist
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NZD/USD Technical ANALYSIS: BEARISH

  • New Zealand Dollar sinks past 2018 bottom, hits three-year low
  • Breakdown increases chance that 19-year uptrend is unraveling
  • Near-term support now at 0.6348, back above 0.6425 eyes 0.65

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The New Zealand Dollar succumbed to renewed selling pressure anew after a brief consolidative pause, breaching support marked by the October 2018 low at 0.6425. Sellers now look poised to challenge the January 2016 bottom at 0.6348.

The 0.6425 level has been recast as near-term resistance. A reversal back above it – confirmed on a daily closing basis – sees the next upside hurdle in the 0.6482-96 area. This is another former support shelf, initially established in late May 2019.

New Zealand Dollar vs US Dollar price chart - daily

NZD/USD daily chart created using TradingView

This breakdown brings NZD/USD closer to confirming penetration of rising trend support guiding the pair upward for nearly two decades. Confirming as much at the monthly close would point to a structural change in the dominant trend, setting the stage to probe support in the 0.5914-0.6197 initially.

New Zealand Dollar vs US Dollar price chart - monthly

NZD/USD monthly chart created using TradingView

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

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