NZD/USD Technical Analysis: Resistance Sub-0.79 Retested
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- NZD/USD Technical Strategy: Flat
- Support: 0.7767, 0.7682, 0.7602
- Resistance:0.7869, 0.8051, 0.8138
The New Zealand Dollar may have resumed the down trend against its US counterpart after taking out support guiding upswing from late September. A daily close below the 23.6% Fibonacci expansionat 0.7767 exposes the 0.7682-7707 area marked by the July 2013 and September 2014 lows. Alternatively, a bounce above the intersection of the channel floor and 14.6% level at 0.7869 opens the door for a test of support-turned-resistance marked by the February 2014 low at 0.8051.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.