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NZD/USD Technical Analysis: Rejected on Test Above 0.75

NZD/USD Technical Analysis: Rejected on Test Above 0.75

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7406, 0.7281, 0.7161
  • Resistance:0.7556, 0.7801, 0.7998

The New Zealand Dollar retreated after testing resistance above the 0.75 figure against its US counterpart. A daily close above the 0.7521-56 area (trend line support-turned-resistance, 23.6% Fibonacci retracement) exposes the 38.2% level at 0.7801.Alternatively, a turn below the14.6% Fib at 0.7406 opens the door for a test of Triangle support at 0.7281.

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