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NZD/USD Technical Analysis: Still Jostling in Familiar Range

NZD/USD Technical Analysis: Still Jostling in Familiar Range

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7344, 0.7280, 0.7175
  • Resistance:0.7448, 0.7532, 0.7616

The New Zealand Dollar pausing to digest the advance against its US namesake having pushed higher after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7448, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.7498-32 area (channel floor, 50% level). Alternatively, a turn below the 23.6% Fib at 0.7344 opens the door for a challenge of the 14.6% retracement at 0.7280.

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: Still Jostling in Familiar Range

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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