Advertisement
U.S. Markets open in 6 hrs 47 mins
  • S&P Futures

    5,264.00
    +3.75 (+0.07%)
     
  • Dow Futures

    39,231.00
    +35.00 (+0.09%)
     
  • Nasdaq Futures

    18,377.00
    +17.25 (+0.09%)
     
  • Russell 2000 Futures

    2,103.00
    +2.70 (+0.13%)
     
  • Crude Oil

    85.51
    +0.28 (+0.33%)
     
  • Gold

    2,376.40
    +14.00 (+0.59%)
     
  • Silver

    28.25
    +0.27 (+0.97%)
     
  • EUR/USD

    1.0852
    -0.0007 (-0.0651%)
     
  • 10-Yr Bond

    4.3660
    0.0000 (0.00%)
     
  • Vix

    14.98
    -0.21 (-1.38%)
     
  • GBP/USD

    1.2677
    +0.0001 (+0.0051%)
     
  • USD/JPY

    151.7880
    +0.0330 (+0.0217%)
     
  • BTC-USD

    69,404.35
    -1,392.73 (-1.97%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,934.79
    -8.68 (-0.11%)
     
  • Nikkei 225

    39,581.81
    -191.32 (-0.48%)
     

Forex: NZD/USD Technical Analysis – Edging Toward 0.84 Figure

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

Talking Points:

  • NZD/USD Technical Strategy: Flat

  • Support: 0.8297(50% Fib ret.), 0.8239 (38.2% Fib ret.)

  • Resistance: 0.8355 (61.8% Fib ret.), 0.8427 (76.4% Fib ret.)

The New Zealand Dollar rose as we suspected, with a break above falling trend line resistance set from mid-January arguing for an upside bias in the near term. Prices are testing the 61.8% Fibonacci retracement at 0.8355, with a daily close above this barrier exposing the 76.4% level at 0.8427. A reversal below the 50% Fib at 0.8297 aims for the 38.2% retracement at 0.8239.

Entering long with prices squarely at resistance is unattractive from a risk/reward perspective. Alternatively, trying the short side lacks a viable downward reversal signal As such, we will remain on the sidelines for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – Edging Toward 0.84 Figure
dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – Edging Toward 0.84 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Advertisement