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NZD/USD Technical Analysis: Resistance Above 0.76 in Focus

NZD/USD Technical Analysis: Resistance Above 0.76 in Focus

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7517, 0.7468, 0.7406
  • Resistance:0.7620, 0.7658, 0.7721

The New Zealand Dollar found resistance at a familiar trend line barrier against its US namesake after reclaiming a hold on the 0.75 figure. A daily close above the 0.7595-0.7620 area (38.2% Fibonacci expansion, trend line) exposes the 50% level at 0.7658. Alternatively, a turn below the 23.6% Fib at 0.7517 clears the way for a challenge of the 14.6% expansion at 0.7468.

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.

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

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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