DailyFX.com -

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

Talking Points:

  • 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!

NZD/USD Technical Analysis: Candle Pattern Hints at Bounce

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: Clinging to Channel Support

  2. Forex News

    What are the Traits of Successful Traders?

  3. Forex News

    Webinar: Greek Gaps in Focus- Technical Setups in Play this Week

  4. Investing

    NZD/USD Forex Signal July 06 2015

  5. Forex News

    NZD/USD Technical Analysis: Edging Along Channel Floor

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!