NZD/USD Technical Analysis: Slow Grind Higher Continues
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- NZD/USD Technical Strategy: Flat
- Support: 0.7905, 0.7835, 0.7682
- Resistance:0.7973, 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 23.6% Fibonacci retracementat 0.7973 exposes the intersection of a rising channel top and the February 4 low at 0.8051. Alternatively, a reversal below resistance-turned-support at 0.7905 opens the door for a test of the channel floor at 0.7835.
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