NZD/USD Technical Analysis: Sellers Rejected Below 0.72
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- 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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com