NZD/USD Technical Analysis: Treading Water Above 0.78
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- NZD/USD Technical Strategy:Flat
- Support: 0.7802, 0.7682, 0.7525
- Resistance:0.7937, 0.8034, 0.8109
The New Zealand Dollar remains locked in a familiar range against its US counterpart as prices wait for a new catalyst to spar directional momentum. Near-term resistance is at 0.7937, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposingthe October 21 high at 0.8034.Alternatively, a reversal below the14.6% Fib expansionat 0.7802clears the way for a challenge of the 0.7682-96 area marked by the July 2013 bottom and the 23.6% threshold.
Positioning is inconclusive at this point, with neither an actionable bullish nor bearish signal offering a compelling trade opportunity. We will remain on the sidelines until a more clear-cut setup emerges.
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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.