NZD/USD Technical Analysis: Targeting Support at 0.83 Mark
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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 continues to push downward against its US counterpart, touching the lowest level since late February. Near-term support is at 0.8300, 50%Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.8249. Alternatively, a turn above the 38.2% Fib at 0.8350 opens the door for a test of the 0.8401-13 area marked by the 23.6% expansion and the June 4 low.
Prices are wedged too closely between immediate support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines 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.