NZD/USD Technical Analysis: Waiting for Direction Cues
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- NZD/USD Technical Strategy:Flat
- Support: 0.7691, 0.7580, 0.7401
- Resistance:0.7855, 0.7974, 0.8034
The New Zealand Dollar is in consolidation mode as prices continue to digest gains following last week’s RBNZ monetary policy announcement. A daily close above falling channel top resistance at 0.7855 exposes the November 17 high at 0.7974. Alternatively, a reversal below the 14.6% Fibonacci expansion at 0.7691 opens the door for a test of 0.7580, the intersection of the channel floor and the 23.6% level.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to 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.