NZD/USD Technical Analysis: Struggling to Hold Above 0.77
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- NZD/USD Technical Strategy: Flat
- Support: 0.7647, 0.7595, 0.7517
- Resistance:0.7721, 0.7799, 0.7925
The New Zealand Dollar is struggling to secure a foothold above the March swing top near the 0.77 figure against its US counterpart. Near-term resistance is at 0.7721, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 0.7799. Alternatively, a turn below the 0.7647-58 area (50% Fib, trend line resistance-turned-support) opens the door for a test of the 38.2% level at 0.7595.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com