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NZD/USD Technical Analysis: Waiting for Direction Cues

NZD/USD Technical Analysis: Waiting for Direction Cues

2014-12-30 01:38:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7691, 0.7567, 0.7401
  • Resistance:0.7839, 0.7974, 0.8034

The New Zealand Dollar continues wait for direction cues, with prices treading water near the 0.77 figure against its US counterpart. Near-term support is at 0.7691, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the intersection of channel floor support and the 23.6% level in the 0.7567-80 area. Alternatively, a break above channel top resistance at 0.7839 clears the way for a challenge of the November 17 high at 0.7974.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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NZD/USD Technical Analysis: Waiting for Direction Cues

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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