NZD/USD Technical Analysis – Rally Pauses Below 0.88 Mark

By DailyFx | June 19, 2014 AAA

DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8690, 0.8634, 0.8590
  • Resistance:0.8745, 0.8779, 0.8851

The New Zealand Dollar has paused to digest gains after jumping to a six-week high against its US counterpart yesterday. Resistance remains in the 0.8745-79 area, bracketed by the April 10 and May 6 highs. A daily close above this barrier initially targets the 61.8% Fibonacci expansion at 0.8851. Support lines up at 0.8690, the 76.4% Fib retracement. A turn below that clears the way for a test of the 61.8% retracement at 0.8634.

The appearance of negative RSI divergence warns of ebbing upward momentum and hints a reversal downward may be ahead. The absence of a clearly defined bearish signal suggests entering short is premature for now however and we will continue to stand aside.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

NZD/USD Technical Analysis – Rally Pauses Below 0.88 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center