NZD/USD Technical Analysis: Support Near 0.72 Holds Up
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- NZD/USD Technical Strategy: Flat
- Support: 0.7217, 0.7163, 0.7108
- Resistance:0.7285, 0.7327, 0.7394
The New Zealand rebounded after testing near the 0.72 figure, hinting four-month support may continue to cap losses. A daily close above the 23.6% Fibonacci expansion at 0.7285 exposes the 14.6% level at 0.7327. Alternatively, a push below the 38.2% Fib at 0.7217 clears the way for a challenge of the 50% expansion at 0.7163.
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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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.