NZD/USD Technical Analysis: Upswing Stalls Below 0.80
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- NZD/USD Technical Strategy: Flat
- Support: 0.7905, 0.7827, 0.7682
- Resistance:0.8017, 0.8051, 0.8138
The New Zealand Dollar moved higher against its US counterpart as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 0.7973-0.8017 area marked by a rising channel top and the 23.6% Fibonacci retracement exposes the February 4 low at 0.8051. Alternatively, a reversal below resistance-turned-support at 0.7905 clears the way for a challenge of the channel floor at 0.7827.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com