NZD/USD Technical Analysis: Digesting Gains Below 0.75
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- NZD/USD Technical Strategy:Flat
- Support: 0.7344, 0.7280, 0.7175
- Resistance:0.7448, 0.7532, 0.7616
The New Zealand Dollar has stalled against its US namesake having launched a recovery after producing in a bullish Morning Star candlestick pattern. A daily close above the 38.2% Fibonacci retracement at 0.7448 exposes the 0.7504-32 area marked by channel floor support-turned-resistance and the 50% level. Alternatively, a move below the 23.6% Fib at 0.7344 clears the way for a test of the 14.6% retracement at 0.7280.
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