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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.7487, 0.7406, 0.7295
- Resistance:0.7595, 0.7658, 0.7721
The New Zealand Dollar is wedged in an increasingly narrow range below a trend line capping gains against its US namesake since late October. A daily close above 0.7595 (38.2% Fibonacci expansion, trend line) exposes the 50% level at 0.7658. Alternatively, a turn below trend line support at 0.7487 clears the way for a challenge of a horizontal pivot at 0.7406.
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
