NZD/USD Technical Analysis: Fades a knee-jerk bullish spike back closer to weekly tops
|• The pair faded a knee-jerk bullish spike back closer to weekly tops, albeit remained well bid for the second consecutive session on Wednesday.
• A rebound in the NZ business confidence in September was largely negated by larger than expected NZ trade deficit and exerted some downward pressure.
• The pair has been retracing along a short-term descending trend-channel formation on the intraday chart and is currently placed at a confluence support.
• The mentioned support marks the lower end of the trend-channel and 50% Fibonacci retracement level of the up-move over the past two trading session.
• A convincing break below might now turn the pair vulnerable to resume with last week's corrective slide from the 0.6700 handle, or over three-week tops.
Spot Rate: 0.6661
Daily High: 0.6687
Daily Low: 0.6634
Trend: Turning bearish
Resistance
R1: 0.6687 (current day swing high)
R2: 0.6700 (round figure mark)
R3: 0.6711 (upper end of the daily Bollinger band)
Support
S1: 0.6630 (overnight swing low)
S2: 0.6616 (S2 daily pivot-point)
S3: 0.6600 (round figure mark)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.