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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.7340, 0.7256, 0.7171
- Resistance:0.7444, 0.7564, 0.7608
The New Zealand Dollar may correct higher against its US namesake after prices put in a Spinning Top candle at chart support. A daily close above the 23.6% Fibonacci expansion at 0.7444 exposes channel floor support-turned-resistance at 0.7564.Alternatively, a turn below the 38.2% Fibat 0.7340 clears the way for a test of the 50% expansion at 0.7256.
A Spinning Top candlestick is a sign of indecision and does not amount to an actionable trade signal by itself without further confirmation. With that in mind, we will remain on the sidelines for now and wait for a more attractive opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
