NZD/USD Technical Analysis: Sellers Expose 0.83 Figure

By DailyFx | Updated August 25, 2014 AAA

DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8300, 0.8249, 0.8187
  • Resistance:0.8350, 0.8401-13, 0.8451

The New Zealand Dollar appears vulnerable to continued losses after dropping to the lowest level in six monthsagainst its US namesake. A daily close below the 50%Fibonacci expansion at 0.8300 exposes the 61.8% level at 0.8249. Alternatively, a reversal above the 38.2% Fib at 0.8350 clears the way for a challenge of the 0.8401-13 area marked by the 23.6% expansion and the June 4 low.

The available trading range is too narrow to justify taking a short or a long position at current levels from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.

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

NZD/USD Technical Analysis: Sellers Expose 0.83 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    US Dollar May Rise if Home Sales Top Estimates, Boosting Fed Outlook

  2. Forex News

    NZD/USD Technical Analysis: Treading Water Near 0.77

  3. Investing

    NZD/USD Struggles During Last Trade

  4. Forex News

    Yen Down on Risk Appetite Swell But Year-End Flows May Fuel Turn

  5. Forex News

    NZD/USD Technical Analysis: Waiting for Direction Cues

Trading Center