NZD/USD Technical Analysis: Resistance Above 0.76 in Focus
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- 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.
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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.