Forex: NZD/USD Technical Analysis – Attempting to Reclaim 0.81 Mark
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- NZD/USD Technical Strategy: Flat
- Support: 0.8067 (100% Fib exp.), 0.8011 (123.6% Fib exp.)
- Resistance: 0.8123 (76.4% Fib exp.), 0.8157 (61.8% Fib exp.)
The New Zealand Dollar is probing back above the 0.81 figure after finishing last week with the weakest close in four months. From a tactical perspective, attempting to pick a bottom here seems ill-advised absent a clear-cut reversal signal. Alternatively, betting on further weakness is unattractive from a risk/reward perspective after prices closed just shy of relevant support at 0.8067 (100% Fib expansion) on the latest completed candle. On balance, we will opt to hold off on taking NZD/USD trades here for the time being until a more attractive setup presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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