NZD/USD Technical Analysis: Kiwi Moves to 3-Year High

By DailyFx | July 09, 2014 AAA

DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8737, 0.8710, 0.8651
  • Resistance:0.8842, 0.8862, 0.8878

The New Zealand Dollar extended the advance against its US counterpart as expected, moving to the highest level in three years. Buyers now aim to challenge resistance in the 0.8842-62 area, marked by a major high dating back to August 2011 and the 38.2% Fibonacci expansion. This region is further reinforced by the top of a rising channel at 0.8878. A daily close above the latter level exposes the 50% Fib at 0.8909. Alternatively, a reversal below the 23.6% Fib at 0.8805 aims for resistance-turned-support at 0.8779 – the May 6 high – followed by channel bottom at 0.8758.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, looking for a more actionable opportunity to present itself.

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

NZD/USD Technical Analysis: Kiwi Moves to 3-Year High

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center