NZD/USD Technical Analysis: Sellers Expose 0.83 Figure
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- NZD/USD Technical Strategy: Flat
- Support: 0.8300, 0.8249, 0.8187
- Resistance:0.8350, 0.8401-13, 0.8451
The New Zealand Dollar appears vulnerable to continued losses after dropping to the lowest level in six monthsagainst its US namesake. A daily close below the 50%Fibonacci expansion at 0.8300 exposes the 61.8% level at 0.8249. Alternatively, a reversal above the 38.2% Fib at 0.8350 clears the way for a challenge of the 0.8401-13 area marked by the 23.6% expansion and the June 4 low.
The available trading range is too narrow to justify taking a short or a long position at current levels from a risk/reward perspective. We will remain flat 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.