NZD/USD Technical Analysis: Trying to Clear 0.75 Anew
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- NZD/USD Technical Strategy: Flat
- Support: 0.7453, 0.7401, 0.7316
- Resistance:0.7538, 0.7607, 0.7676
The New Zealand Dollar launched sharply higher against its US namesake, with prices attempting to secure a foothold above 0.75 anew. A daily close above the 38.2% Fibonacci expansion at 0.7583 exposes the 50% level at 0.7607. Alternatively, a turn below the 23.6% Fib at 0.7453 clears the way for a challenge of the 14.6% expansion at 0.7401.
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.
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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.