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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.7294, 0.7187, 0.7016
- Resistance:0.7380, 0.7465, 0.7572
The New Zealand Dollar declined against its US namesake as expected after prices produced a bearish Three Inside Down candlestick pattern. A daily close below the 61.8% Fibonacci expansion at 0.7294 exposes the 76.4% level at 0.7187. Alternatively, a turn above the 50% Fib at 0.7465 clears the way for a challenge of the 38.2% retracement at 0.7465.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
