NZD/USD Technical Analysis – Range-Bound Below 0.88
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- NZD/USD Technical Strategy: Flat
- Support: 0.8690, 0.8634, 0.8590
- Resistance:0.8745, 0.8779, 0.8851
The New Zealand Dollar has paused to digest gains after jumping to a six-week high against its US counterpart last week. Resistance remains in the 0.8745-79 area, bracketed by the April 10 and May 6 highs. A daily close above this barrier initially targets the 61.8% Fibonacci expansion at 0.8851. Support lines up at 0.8690, the 76.4% Fib retracement. A turn below that clears the way for a test of the 61.8% retracement at 0.8634.
An actionable trade signal is absent for the time being, arguing against pursing a position on the long or short side. We will continue to stand aside for now, waiting for a more attractive opportunity to present itself.
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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.