NZD/USD Technical Analysis: 4-Month Support Pressured
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- NZD/USD Technical Strategy: Flat
- Support: 0.7337, 0.7299, 0.7237
- Resistance:0.7400, 0.7462, 0.7501
The New Zealand Dollar fell for a third consecutive day against its US namesake, with prices testing support capping losses since late January. A daily close below the 0.7337-49 area (trend line, 50% Fibonacci expansion) exposes the 61.8% level at 0.7299. Alternatively, a rebound above the 38.2% Fib at 0.7400 clears the way for a challenge 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.