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NZD/USD Technical Analysis: Attempting to Expose 0.82 Mark

NZD/USD Technical Analysis: Attempting to Expose 0.82 Mark

2014-09-05 03:49:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8283, 0.8206, 0.8144
  • Resistance:0.8330, 0.8401, 0.8500

The New Zealand Dollar continues to face selling pressure against its US counterpart, sinking to the lowest level in over six months. A daily close below the 23.6% Fibonacci expansion at 0.8283 exposes the 38.2% level at 0.8206. Alternatively, a reversal above the 14.6% Fib at 0.8330 clears the way for a challenge of support-turned-resistance at 0.8401, the June 4 low.

The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable setup to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Attempting to Expose 0.82 Mark

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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