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NZD/USD Technical Analysis: Support Above 0.68 in Focus

NZD/USD Technical Analysis: Support Above 0.68 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.6956, 0.6871, 0.6786
  • Resistance:0.7061, 0.7126, 0.7231

The New Zealand Dollar turned sharply lower after disappointing first-quarter GDP data but prices failed to secure a foothold beneath 0.69. A daily close below the 50% Fibonacci expansion at 0.6871 exposes the 61.8% level at 0.6786. Alternatively, a push above the 38.2% Fib at 0.6956 clears the way for a challenge of the 0.7024-61 area (June 5 low, 23.6% expansion).

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.

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