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Forex: NZD/USD Technical Analysis – 11-Month Resistance Tested

Forex: NZD/USD Technical Analysis – 11-Month Resistance Tested

2014-03-18 23:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8582 (100% Fib exp.), 0.8517 (trend line)
  • Resistance: 0.8630 (Apr 13 2013 close), 0.8663 (123.6% Fib exp.)

The New Zealand Dollar resumed its upward push against the US Dollar, taking out resistance at 0.8582 marked by the 100% Fibonacci expansion to challenge the April 2013 top at 0.8630. A break above this barrier aims for the 123.6% level at 0.8663. Alternatively, a turn back below 0.8582 exposes a rising trend line at 0.8517.

Prices are too close to relevant resistance to make a long position attractive from a risk/reward perspective. On the other hand, entering short appears premature without a defined bearish reversal signal. We will continue to stand aside for now.

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dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – 11-Month Resistance Tested

Daily Chart - Created Using FXCM Marketscope 2.0

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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