NZD/USD Technical Analysis: Critical Support Above 0.84

By DailyFx | July 30, 2014 AAA

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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.

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NZD/USD Technical Analysis: Critical Support Above 0.84

Daily Chart - Created Using FXCM Marketscope 2.0

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