NZD/USD Technical Analysis: Range Continues to Narrow
To receive Ilya's analysis directly via email, please SIGN UP HERE
- NZD/USD Technical Strategy: Flat
- Support: 0.7515, 0.7406, 0.7296
- 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 0.7515 clears the way for a challenge of a horizontal pivot at 0.7406.
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.