To receive Ilya's analysis directly via email, please SIGN UP HERE
- NZD/USD Technical Strategy: Flat
- Support: 0.8350, 0.8300, 0.8249
- Resistance:0.8401-13, 0.8462, 0.8533
The New Zealand Dollar may be readying to correct higher against its US counterpart after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 0.8401-13 area, marked by the 23.6% Fibonacci expansion and the June 4 low, exposes the 23.6% Fib retracement at 0.8462. Alternatively, a reversal below the 38.2% expansion at 0.8350 clears the way for a challenge of the 50% threshold at 0.8300.
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 suggests taking up the long side is premature. With that in mind we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0