DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8535, 0.8443, 0.8350
  • Resistance:0.8650, 0.8721, 0.8779

The New Zealand Dollar is testing the boundaries of its year-to-date rising trend against the US Dollar having slumped following RBNZ interest rate decision. A daily close below support at 0.8535, the intersection of a rising trend line set from January and the 38.2% Fibonacci retracement, exposes the 50% level at 0.8443. Alternatively, a reversal above the 0.8650, the 23.6% Fib, opens the door for a test of the 23.6% retracement at 0.8721.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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

NZD/USD Technical Analysis: 2014 Uptrend Under Pressure

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    NZD/USD Technical Analysis: Selloff Stalls at Channel Floor

  2. Forex News

    Dollar Regains Control as Retail FX Traders Switch Direction

  3. Forex News

    NZD/USD Approaches Wedge Objective (.6607)

  4. Forex News

    US Dollar May Rise on Jobs Data, NZ Dollar Drops on Dairy Slump

  5. Forex News

    NZD/USD Technical Analysis: Channel Floor Under Pressure

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!