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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 is digesting gains near the 0.75 figure against its US counterpart having launched a move upward anew. Near-term resistance is at 0.7583, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposes the 50% level at 0.7607. Alternatively, a reversal below the 23.6% Fib at 0.7453 opens the door for a test of the 14.6% expansion at 0.7401.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
