NZD/USD Technical Analysis: Sellers Break 3-Week Uptrend
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- NZD/USD Technical Strategy: Flat
- Support: 0.7406, 0.7332, 0.7246
- Resistance:0.7524, 0.7590, 0.7633
The New Zealand Dollar declined as expected after producing a bearish Evening Star candlestick pattern. A daily close below the 0.7406-18 area (horizontal pivot, 38.2% Fibonacci expansion) exposes the 50% level at 0.77332.Alternatively, a turn above the 23.6% Fib at 0.7524 clears the way for a challenge of the 14.6% expansion at 0.7590.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com