NZD/USD Threatening to Break Falling Trendline Resistance

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NZD/USD Threatening to Break Falling Trendline Resistance

NZD/USD has been resilient in December, but is still in a bearish trend in the medium-term. Let’s take a look at the charts as the kiwi-greenback threatens the 0.78 handle and a falling trendline.

The NZD/USD is testing a falling trendline, the 0.78 level, and the 200-period SMA. If price breaks above 0.78 and then stays above 0.7735, there is a bullish outlook towards 0.79. However, as price approaches 0.79 NZD/USD will be challenged by a falling channel resistance from October.

Now, if price fails to clear 0.78 and falls below 0.7735, the pressure returns towards the 0.7610-0.7625 lows on the year.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.