NZD/USD Technical Analysis: Treading Water Near 0.73
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- NZD/USD Technical Strategy: Flat
- Support: 0.7299, 0.7237, 0.7136
- Resistance:0.7349, 0.7400, 0.7462
The New Zealand continues to consolidate against its US counterpart having descended to the weakest level in two months. Near-term support is at 0.7299, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7237. Alternatively, a return above the 50% Fib at 0.7349 opens the door for a test of the 0.7380-7400 area (trend line, 38.2% expansion).
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