NZD/USD Technical Analysis: Familiar Range Still in Play
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- NZD/USD Technical Strategy:Flat
- Support: 0.7680, 0.7551, 0.7401
- Resistance:0.7821, 0.7974, 0.8034
The New Zealand Dollar continues to wait for direction cues, with the currency oscillating in a narrow range against is US counterpart. A daily close below the December 18 lowat 0.7680 exposes the intersection of channel floor support and the 23.6% level in the 0.7551-80 area. Alternatively, a push above channel top resistance at 0.7821 clears the way for a challenge of the November 17 high at 0.7974.
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.