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NZD/USD Technical Analysis: Support Near 0.73 Holds Up

NZD/USD Technical Analysis: Support Near 0.73 Holds Up

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7299, 0.7237, 0.7136
  • Resistance:0.7349, 0.7400, 0.7462

The New Zealand continues corrected higher against its US namesake after dropping to the lowest level in two months. A daily close below the 61.8% Fibonacci expansionat 0.7299 exposes the 76.4% level at 0.7237. Alternatively, a rebound above the 50% Fib at 0.7349 clears the way for a challenge of the 38.2% expansion at 0.7400.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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NZD/USD Technical Analysis: Support Near 0.73 Holds Up

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.

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