NZD/USD Technical Analysis: Range-Bound Near 0.83 Mark
To receive Ilya's analysis directly via email, please SIGN UP HERE
- NZD/USD Technical Strategy: Flat
- Support: 0.8283, 0.8206, 0.8144
- Resistance:0.8330, 0.8401, 0.8500
The New Zealand Dollar is pausing to consolidate after another push lower against its US namesake brought the currency to a six-month low. Near-term support is at 0.8283, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.8206. Alternatively, a turn above the 14.6% Fib at 0.8330 opens the door for a test of support-turned-resistance at 0.8401, the June 4 low.
Prices are wedged too closely between immediate support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for a more attractive opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.