NZD/USD Technical Analysis: Upside Breakout in Progress?
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- NZD/USD Technical Strategy:Flat
- Support: 0.7680, 0.7580, 0.7550
- Resistance:0.7828, 0.7897, 0.8076
The New Zealand Dollar is attempting to overturn the near-term down trend against its US namesake. A daily close above falling channel top resistance at 0.7828 exposes the 23.6% Fibonacci retracement at 0.7897. Alternatively, a reversal below range support at 0.7680 clears the way for a challenge of the 23.6% Fib expansion at 0.7580.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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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.