NZD/USD Technical Analysis: Kiwi Sinks to Six-Month Low

By DailyFx | Updated August 24, 2014 AAA

DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8350, 0.8300, 0.8249
  • Resistance:0.8401-13, 0.8462, 0.8533

The New Zealand Dollar continues to push downward against its US counterpart, touching the lowest level in six months. Near-term support is at 0.8350, the 38.2%Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.8300. Alternatively, a turn above the 0.8401-13 area marked by the 23.6% Fib and the June 4 low opens the door for a test of the 14.6% expansion at 0.8451.

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: Kiwi Sinks to Six-Month Low

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: Oscillating Above 0.75 Figure

  2. Forex News

    NZD/USD Rally Reverses at December Low (Old Support)

  3. Forex News

    March Forex Seasonality Sees US Dollar Rally Stunted

  4. Forex News

    NZD/USD Technical Analysis: A Top in Place Above 0.76?

  5. Forex News

    NZD/USD Candlestick Analysis: Bounce Extends for 4th Week

Trading Center