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New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5987
    +0.0011 (+0.19%)
     
  • NZD/EUR

    0.5541
    +0.0008 (+0.15%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • NZD/JPY

    90.4770
    +0.0840 (+0.09%)
     

NZD/USD Technical Analysis: Probing Below 0.73 Figure

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Talking Points:

  • NZD/USD Technical Strategy: Flat

  • Support: 0.7299, 0.7237, 0.7136

  • Resistance:0.7349, 0.7400, 0.7462

The New Zealand continues to be battered by selling pressure, with prices probing below the 0.73 figure against its US counterpart. Near-term support is at 0.7299, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7237. Alternatively, a return above the 50% Fib at 0.7349 opens the door for a test of the 38.2% expansion at 0.7400.

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 suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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NZD/USD Technical Analysis: Probing Below 0.73 Figure
NZD/USD Technical Analysis: Probing Below 0.73 Figure

Daily Chart - Created Using FXCM Marketscope

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


original source

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