NZD/USD Technical Analysis: Rebound May Be Brewing
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- NZD/USD Technical Strategy: Flat
- Support: 0.6956, 0.6871, 0.6786
- Resistance:0.7061, 0.7126, 0.7231
The New Zealand Dollar may be preparing to turn higher against its US namesake as positive RSI divergence hints at warning downward momentum. A daily close below the 38.2% Fibonacci expansionat 0.6956 exposes the 50% level at 0.6871. Alternatively, a push above the 0.7024-61 area (June 5 low, 23.6% Fib) clears the way for a challenge of the 14.6% expansion at 0.7126.
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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--- 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.