NZD/USD Technical Analysis: 0.74 Figure in the Crosshairs
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- NZD/USD Technical Strategy: Flat
- Support: 0.7400, 0.7349, 0.7299
- Resistance:0.7462, 0.7501, 0.7563
The New Zealand Dollar is back under pressure after finding resistance below the 0.76 figure against its US namesake. A daily close below the 38.2% Fibonacci expansion at 0.7400 exposes the 50% level at 0.7349. Alternatively, a turn above the 23.6% Fib at 0.7462 clears the way for a challenge of the 14.6% expansion at 0.7501.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com