NZD/USD Technical Analysis: Support Above 0.68 in Focus
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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 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.