Forex: NZD/USD Technical Analysis – Trying to Expose 0.82 Figure

| 20 februari, 2014 | 0 kommentarer

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8246 (38.2% Fib exp.), 0.8201 (50% Fib exp.)
  • Resistance: 0.8301 (23.6% Fib exp.), 0.8382 (trend line, horizontal pivot)

The New Zealand Dollar continues to sink after recoiling from resistance at the intersection of a horizontal pivot in play since mid-September 2013 (0.8382) and a falling trend line set from late October. Sellers are now testing support at 0.8246, the 38.2%Fibonacci expansion, with a break below that exposing the 50% level at 0.8201. Alternatively, a turn back above the 23.6% Fib at 0.8301 targets 0.8382 anew.

Risk/reward considerations argue against a short position with prices trading squarely at relevant support, while the absence of a reversal signal warns against taking up the long side. We will remain flat for now until an actionable setup presents itself.

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dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis  Trying to Expose 0.82 Figure

Daily Chart – Created Using FXCM Marketscope 2.0

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

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Kategori: Analys från DailyFX

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