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NZD/USD Technical Analysis: Treading Water Below 0.75

NZD/USD Technical Analysis: Treading Water Below 0.75

2015-03-17 00:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7272, 0.7218, 0.7165
  • Resistance:0.7421, 0.7490, 0.7613

The New Zealand Dollar remains in consolidation mode below the 0.75 figure against its US namesake. Near-term support is at 0.7272, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7218.Alternatively, a push above support-turned-resistanceat 0.7421, the February 24 low, opens the door for another challenge of recently broken range support at 0.7490.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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

NZD/USD Technical Analysis: Treading Water Below 0.75

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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