NZD/USD Technical Analysis: Treading Water at March High
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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 continues to tread water in a choppy range near the March swing high against its US namesake. A daily close above the 61.8% Fibonacci expansionat 0.7721 exposes the 76.4% level at 0.7799. Alternatively, a reversal below the 0.7647-58 area (December 8 2014 close, 50% Fib) clears the way for a challenge of 0.7595 (38.2% expansion, trend line resistance-turned-support).
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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com