To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
