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Talking Points:
- NZD/USD Technical Strategy:Flat
- Support: 0.7540, 0.7514, 0.7479
- Resistance:0.7573, 0.7619, 0.7680
The New Zealand Dollar is struggling to secure a foothold above February’s swing high as prices continue to stall below the 0.76 figure against its US counterpart. A daily close above the 38.2% Fibonacci expansion at 0.7573 exposes the 50% level at 0.7619. Alternatively, a move below channel support at 0.7540 clears the way for a test of the 23.6% Fib at 0.7514.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
