Technical Analysis

NZD/USD Technical Evaluation: NZ Greenback Appears to be like More likely to Fall Additional

NZD/USD Technical Technique: BEARISH

NZ Greenbackdeclines for 5 consecutive days, stalls above Zero.67 determine

Break of counter-trend help line hints bearish pattern has resumed

January lows in focus if sellers can handle each day shut under Zero.6686

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Indicators of ebbing upside momentum preceded a flip decrease for the New Zealand Greenback in opposition to its US namesake, as anticipated. The foreign money pair has now declined for 5 consecutive classes, making for the longest dropping streak in over three months.

New Zealand Dollar vs US Dollar - daily chart

A have a look at shorter-term positioning on the four-hour chart reveals costs consolidating losses within the Zero.6726-67 space. Nonetheless, seeing clear follow-through on the break of rising pattern help guiding the upswing from lows from set at the start of the 12 months suggests the longer-term down pattern has resumed.

NZD/USD Technical Analysis: NZ Dollar Looks Likely to Fall Further

From right here, a transfer under the Zero.6726 opens the door for a take a look at of the subsequent layer of help within theZero.6686-Zero.6713 space. A each day shut under that units the stage for a decline to revisit zone Zero.6592-Zero.6619, the place the final down leg began in early December out of steam.

NZD/USD TRADING RESOURCES:

— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com

To contact Ilya, use the Comments part under or @IlyaSpivak on Twitter


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