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NZD/USD Technical Analysis: Sellers Overcome 0.73 Figure

NZD/USD Technical Analysis: Sellers Overcome 0.73 Figure

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7256, 0.7171, 0.7067
  • Resistance:0.7340, 0.7444, 0.7577

The New Zealand Dollar continues to sink against its US counterpart, with prices establishing a foothold below the 0.73 figure. Near-term support is at 0.7256, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.7171. Alternatively, a reversal above the 38.2% Fib at 0.7340 opens the door for a challenge of the 23.6% expansion at 0.7444.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.