NZD/USD Technical Analysis: Rally Falters Above 0.76 Mark
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- NZD/USD Technical Strategy:Flat
- Support: 0.7514, 0.7479, 0.7421
- Resistance:0.7573, 0.7619, 0.7666
The New Zealand Dollar failed to maintain upward momentum on an attempt to breach the 0.76 figure against its US namesake. Near-term resistance is at 0.7573, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.7619. Alternatively, a turn below the 23.6% Fib at 0.7514 opens the door for a challenge of the 14.6% expansion at 0.7479.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com