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NZD/USD Technical Analysis: Upside Breakout in Progress?

NZD/USD Technical Analysis: Upside Breakout in Progress?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Upside Breakout in Progress?

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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