DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8443, 0.8350, 0.8236
  • Resistance:0.8535, 0.8587, 0.8650

The New Zealand Dollar has come under renewed selling pressure against its US counterpart following a brief period of consolidation. Near-term support is at 0.8443, the intersection of a rising trend line set from September 2013 and the 50%Fibonacci retracement. Breaking below this barrier on a daily closing basis exposes the 61.8% level at 0.8350. Alternatively, a turn above the 38.2% Fib at 0.8535 clears the way for a challenge of support-turn-resistance at a trend line established from January, now at 0.8587.

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: 11-Month Trend Line Pressured

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Dollar Rising on Back of GDP and FOMC but Not Enough for Breakout

  2. Forex News

    Video: A Clean NZDUSD Technical View Awaits Fundamental Confirmation

  3. Forex News

    NZD/USD Downtrend Resistance Break Fails

  4. Forex News

    Dollar Forecast Improves, Indicator Shows it May Rally Across the Board

  5. Forex News

    New Zealand Dollar Reversal is Short-Lived, Declines Likely

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!