NZD/USD Technical Analysis: Upside Continuation Pending
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- NZD/USD Technical Strategy: Flat
- Support: 0.7043, 0.6945, 0.6866
- Resistance:0.7188, 0.7233, 0.7331
The New Zealand Dollar may be preparing to rise against its US namesake following the appearance of a bullish Morning Star candlestick pattern. A daily close above trend line resistance at 0.7188 exposes the 23.6% Fibonacci retracement at 0.7233. Alternatively, a turn below the 0.7043-76 area (June 1 low, 23.6% Fib expansion) clears the way for a challenge of the 38.2% threshold at 0.6945.
Bullish follow-through has been absent thus far, with directional conviction unlikely to emerge until after the passing of the US Employment report. We remain flat for now and wait for event risk to pass before committing to a trade.
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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.