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NZD/USD Technical Analysis: Quiet Consolidation Continues

NZD/USD Technical Analysis: Quiet Consolidation Continues

2014-12-29 00:06:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7691, 0.7571, 0.7401
  • Resistance:0.7839, 0.7974, 0.8034

The New Zealand Dollar remains in consolidation mode against its US namesake, with prices oscillating near the 0.77 figure. A daily close above falling channel top resistance at 0.7839 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 the 0.7571-80 area marked by 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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NZD/USD Technical Analysis: Quiet Consolidation Continues

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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