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Talking Points:
- NZD/USD Technical Strategy:Flat
- Support: 0.7493, 0.7444, 0.7340
- Resistance:0.7608, 0.7680, 0.7762
The New Zealand Dollar has stalled against its US counterpart, with prices oscillating in a range above the 0.75 figure. A daily close above support-turned-resistance at 0.7608, the December 9 low, exposes the intersection of the December 18 bottom and a rising channel top at 0.7680. Alternatively, a push below channel floor support at 0.7493 clears the way for a test of the 23.6% Fibonacci expansion at 0.7444.
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
