NZD/USD Technical Analysis: Sellers Overcome 0.74 Figure
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- NZD/USD Technical Strategy: Flat
- Support: 0.7349, 0.7299, 0.7237
- Resistance:0.7400, 0.7462, 0.7501
The New Zealand Dollar issued the largest daily decline in a week against its US counterpart, piercing the 0.74 figure anew. Near-term support is at 0.7349, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.7299. Alternatively, a move above the 38.2% Fib at 0.7400 opens the door for a test of the 23.6% expansion at 0.7462.
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