DailyFX.com -

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

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8443, 0.8350, 0.8236
  • Resistance:0.8535, 0.8566, 0.8650

The New Zealand Dollar continues to fall against its US counterpart in the aftermath of the RBNZ interest rate decision, overturning the year-to-date uptrend. A daily close below support at 0.8443, the 50%Fibonacci retracement, exposes the 61.8% level at 0.8350.Alternatively, a reversal above the 38.2% Fib at 0.8535 aims for support-turn-resistance at a rising trend line set from January, now at 0.8566.

While entering a short position at this point is tempting, we will tactically opt to stand aside. We already hold long USD exposure against the Euro and the Canadian Dollar. As such, we think it best not to over-commit as heavy-duty US event risk begins to cross the wires in the days ahead.

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

NZD/USD Technical Analysis: Year-to-Date Uptrend Broken

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    US Dollar and Japanese Yen on Target to Hit these Price Levels

  2. Forex News

    NZD/USD Technical Analysis: Clinging to Channel Support

  3. Forex News

    What are the Traits of Successful Traders?

  4. Forex News

    Webinar: Greek Gaps in Focus- Technical Setups in Play this Week

  5. Investing

    NZD/USD Forex Signal July 06 2015

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!