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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7593, 0.7521, 0.7452
  • Resistance:0.7756, 0.7825, 0.7893

The New Zealand Dollar pulled back to test the bounds of the move higher against its US counterpart established from mid-March. Near-term trend line support is at 0.7593, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 0.7521. Alternatively, a move above the 38.2% Fib expansion at 0.7756 opens the door for a test of the 50% level at 0.7825.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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: 6-Week Trend Line Challenged

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com