NZD/USD Technical Analysis: Consolidation Sub-0.75 Continues
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- NZD/USD Technical Strategy: Flat
- Support: 0.7272, 0.7218, 0.7165
- Resistance:0.7421, 0.7490, 0.7613
The New Zealand Dollar is in consolidation mode after spiking to the lowest level in four years against its US namesake. A daily close below the 38.2% Fibonacci expansion at 0.7272 exposes the 50% level at 0.7218.Alternatively, a turn above support-turned-resistanceat 0.7421, the February 24 low, clears the way for a retest of recently broken range support at 0.7490.
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