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NZD/USD Technical Analysis: Monthly High Under Pressure

NZD/USD Technical Analysis: Monthly High Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7647, 0.7582, 0.7541
  • Resistance:0.7721, 0.7799, 0.7925

The New Zealand Dollar rose for a second dayagainst its namesake, with prices retesting monthly highs. A daily close above the 61.8% Fibonacci expansion at 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 the 0.7582-95 zone (March 4 close, 38.2% expansion).

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

NZD/USD Technical Analysis: Monthly High Under Pressure

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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