NZD/USD Technical Analysis: Critical Support Above 0.84

By DailyFx | Updated July 30, 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, 0.8572, 0.8650

The New Zealand Dollar remains under pressure against its US namesake in the aftermath of the RBNZ rate decision, dropping to the lowest level in nearly two months. Near-term support is at 0.8443, the intersection of a rising trend line set from September 2013 and the 50%Fibonacci retracement. Breaking below this barrier on a daily closing basis exposes the 61.8% level at 0.8350. Alternatively, a turn above the 38.2% Fib at 0.8535 clears the way for a challenge of support-turn-resistance at a trend line established from January, now at 0.8572.

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: Critical Support Above 0.84

Daily Chart - Created Using FXCM Marketscope 2.0

Related Forex Analysis
  1. NZD/USD Bears Hesitate As A Doji Emerges On The Daily
    Forex News

    NZD/USD Bears Hesitate As A Doji Emerges On The Daily

  2. NZD/USD Technical Analysis: Kiwi Selloff May Be Resuming
    Forex News

    NZD/USD Technical Analysis: Kiwi Selloff May Be Resuming

  3. NZD/USD Range Trading Levels are .7750 and .7905
    Forex News

    NZD/USD Range Trading Levels are .7750 and .7905

  4. New Zealand Dollar remains at Risk of Depreciation
    Forex News

    New Zealand Dollar remains at Risk of Depreciation

  5. NZD/USD Technical Analysis: Down Trend Back in Play?
    Forex News

    NZD/USD Technical Analysis: Down Trend Back in Play?

Trading Center