NZD/USD Technical Analysis: Sideways Trading Continues
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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 now-familiar range above the 0.78 figure against its US counterpart. A daily close below the 14.6% Fibonacci expansion at 0.7802 exposes the 0.7682-96 area marked by the July 2013 bottom and the 23.6% level. Alternatively, a turn above the 23.6% Fib retracement at 0.7937 opens the door for a test of the October 21 high at 0.8034.
A clear-cut trading signal is absent at this point, arguing against taking up the long or short side for the time being. We will continue to stand aside, waiting for an actionable opportunity present itself.
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Daily Chart - Created Using FXCM Marketscope
--- 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.