NZD/USD Technical Analysis: Kiwi Slumps to 3-Week Low

By DailyFx | July 16, 2014 AAA

DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8696, 0.8669, 0.8618
  • Resistance:0.8733, 0.8779-93, 0.8835-42

The New Zealand Dollar continues to push downward, falling to the lowest level in three weeks against its US namesake. A daily close below rising trend line support at exposes the 38.2%Fibonacci retracementat 0.8669. Alternatively, a turn back above the 23.6%levelat 0.8733 opens the door for a challenge of the 0.8779-93 area, marked by the May 6 and June 27 swing highs.

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 argues against taking up the long side. 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 Slumps to 3-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  4. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

  5. What’s the sentiment around the EUR/USD today? – Scotiabank and OCBC Bank
    Forex News

    What’s the sentiment around the EUR/USD today? – Scotiabank and OCBC Bank

Trading Center