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NZDUSD: Prices Still Locked in Narrow Range

NZDUSD: Prices Still Locked in Narrow Range

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are locked between 0.8140 and 0.8221, the 23.6% and 14.6% Fibonacci retracements, respectively. A break higher exposes major falling trend line resistance set from late August, now at 0.8337. Alternatively, a push below support exposes the 0.8009-47 area marked by a horizontal pivot level and the 38.2% Fib. Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.

NZDUSD_Prices_Still_Locked_in_Narrow_Range_body_Picture_5.png, NZDUSD: Prices Still Locked in Narrow Range

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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