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NZD/USD Technical Analysis: 18-Month Support Broken

NZD/USD Technical Analysis: 18-Month Support Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7625, 0.7525, 0.7386
  • Resistance:0.7696,0.7802, 0.7932

The New Zealand Dollar may have marked a pivotal reversal against its US counterpart after prices breached support dating back to June 2013. Near-term channel floor support is at 0.7625, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.7525.Alternatively, a turn above the 0.7682-96 area marked by the 23.6% Fib and the June 24 2013 low clears the way for a challenge of the 14.6% expansion at 0.7802.

The available trading range is too narrow to justify a long or short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines for now until an actionable opportunity presents itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: 18-Month Support Broken

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.

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