NZD/USD Technical Analysis: Oscillating Around 0.81 Figure
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- NZD/USD Technical Strategy: Flat
- Support: 0.8067, 0.7998, 0.7887
- Resistance:0.8187, 0.8255, 0.8366
The New Zealand Dollar continues to oscillate in a familiar range around the 0.81 figure against its US namesake. Near-term resistance is at 0.8187, marked by the 14.6% Fibonacci retracement and a falling trend line, with a break above that on a daily closing basis exposing the 23.6% level at 0.8255. Alternatively, a reversal below the 14.6% Fib expansion at 0.8067 opens the door for a test of the 23.6% threshold at 0.7998.
Positioning is inconclusive for the time being. Entering long seems premature absent confirmation on a break of trend line resistance. On the other hand, a short trade is unattractive from a risk/reward perspective with prices sitting too close to support. We will remain flat for the time being.
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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.