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NZD/USD Technical Analysis: Rally Capped at Key Resistance

NZD/USD Technical Analysis: Rally Capped at Key Resistance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The New Zealand Dollar advanced to the top of the recent range against its US counterpart but failed to secure an upside breakout. Near-term resistance is at 0.7608 (December 9 low, falling trend line), with a break above that on a daily closing basis exposing the March 24 high at 0.7696. Alternatively, a move belowthe 0.7406-18 area (horizontal pivot, 38.2% Fibonacci expansion) opens the door for a test of the 50% level at 0.7332.

We entered short NZDUSD at 0.7513, initially aiming for 0.7418. A stop-loss will be triggered on a daily close above 0.7608. We will take profit on half of the trade and adjust the stop-loss to breakeven (0.7513) once the first target is hit.

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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.

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