NZD/USD Technical Analysis: Targeting Support at 0.83 Mark

By DailyFx | August 26, 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 continues to push downward against its US counterpart, touching the lowest level since late February. Near-term support is at 0.8300, 50%Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.8249. Alternatively, a turn above the 38.2% Fib at 0.8350 opens the door for a test of the 0.8401-13 area marked by the 23.6% expansion and the June 4 low.

Prices are wedged too closely between immediate support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines 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: Targeting Support at 0.83 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. SEB: EUR/USD sellers just above resistance - eFXnews
    Forex News

    SEB: EUR/USD sellers just above resistance - eFXnews

  2. USD/JPY shows another attempt to reach recent highs
    Forex News

    USD/JPY shows another attempt to reach recent highs

  3. EUR/GBP testing the range bottom before the UK data
    Forex News

    EUR/GBP testing the range bottom before the UK data

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

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

  5. GBP/USD attacks 1.63 area again
    Forex News

    GBP/USD attacks 1.63 area again

Trading Center