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NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 Mark

NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy:Flat
  • Support: 0.7532, 0.7448, 0.7344
  • Resistance:0.7616, 0.7720, 0.7825

The New Zealand Dollar continues to rise against its US counterpart having launched a recovery after producing in a bullish Morning Star candlestick pattern. A daily close above the 61.8% Fibonacci retracement at 0.7616 exposes the 0.7680-7721 area marked by a formerly broken range support and the 76.4% Fib. Alternatively, a move below the 50% Fib at 0.7532 clears the way for a test of the 38.2% retracement at 0.7448.

We see the dominant NZDUSD trend as favoring the downside. With that in mind, will treat on-coming gains as corrective and look to get short once the upswing runs its course and appears to show signs of reversing.

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

NZD/USD Technical Analysis: Kiwi Aiming Above 0.76 Mark

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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