NZD/USD Technical Analysis: All Eyes on Trend Line Support

By DailyFx | Updated July 31, 2014 AAA

DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8443, 0.8350, 0.8236
  • Resistance:0.8535, 0.8576, 0.8650

The New Zealand Dollar paused to consolidate losses against its US namesake after turning violently lower in the aftermath of last week’s RBNZ monetary policy announcement. A daily close below support at 0.8443, the intersection of a rising trend line set from September 2013 and the 50%Fibonacci retracement, exposes the 61.8% level at 0.8350.Alternatively, a reversal above the 38.2% Fib at 0.8535 aims for support-turn-resistance at a rising trend line established from January, now at 0.8576.

We are tactically opting to stand aside for now because we already hold long USD exposure against the Euro and the Canadian Dollar. As such, we think it best not to over-commit as heavy-duty US event risk continues cross the wires through the week-end.

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

NZD/USD Technical Analysis: All Eyes on Trend Line Support

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    US Dollar Once Again Looks like a Buy versus Euro, Major Currencies

  2. Forex News

    New Zealand Dollar Reversal is Short-Lived

  3. Forex News

    Swiss Franc Sinks as SNB Surprises with Negative Interest Rates

  4. Forex News

    NZD/USD Technical Analysis: Support Below 0.77 in Focus

  5. Forex News

    NZD/USD Technical Analysis: Waiting for Trade Opportunity

Trading Center