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NZD/USD Technical Analysis: Sellers Rejected Below 0.72

NZD/USD Technical Analysis: Sellers Rejected Below 0.72

2015-03-12 00:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7256, 0.7171, 0.7067
  • Resistance:0.7340, 0.7444, 0.7608

The New Zealand Dollar recoiled back above the 0.72 figure after touching the lowest level in four years against its US namesake. From here, a rebound above the 38.2% Fibonacci expansion at 0.7340 exposes the 23.6% level at 0.7444.Alternatively, a break below the 50% Fibat 0.7256 on a daily closing basis clears the way for another test of the 61.8% expansion at 0.7171.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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

NZD/USD Technical Analysis: Sellers Rejected Below 0.72

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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