NZD/USD Fails to Break Channel Top
NZD/USD Technical Strategy: Flat
Prices are pulling back from resistance at 0.7917, the 23.6% Fibonacci expansion, a barrier reinforced by the top of a falling channel set from April. Near-term support is at 0.7682, the June 24 low at 0.7682, with a break beneath that initially eyeing the 38.2% Fib expansion at 0.7588. Alternatively, a reversal above resistance aims for the 38.2% retracement level at 0.8062. Current does not offer an actionable entry signal and we will stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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