NZD/USD Technical Analysis: Rejected on Test Above 0.75
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- 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.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.