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NZD/USD Technical Analysis: Trying to Overcome 0.77 Mark

NZD/USD Technical Analysis: Trying to Overcome 0.77 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7597, 0.7494, 0.7406
  • Resistance:0.7700, 0.7828, 0.8034

The New Zealand Dollar to secure a foothold above the March swing top near the 0.77 figure against its US counterpart. Near-term resistance is at 0.7700, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 0.7828. Alternatively, a turn below 0.7597 (50% Fib, trend line resistance-turned-support) opens the door for a test of the 38.2% level at 0.7494.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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

NZD/USD Technical Analysis: Trying to Overcome 0.77 Mark

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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