NZD/USD Technical Analysis: Sellers Aim Below 0.68 Figure
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- NZD/USD Technical Strategy: Flat
- Support: 0.6786, 0.6681, 0.6511
- Resistance:0.6871, 0.6956, 0.7061
The New Zealand Dollar continued to push lower against its US counterpart, extending its losing streak for a fifth consecutive session. A daily close below the 61.8% Fibonacci expansion at 0.6786 exposes the 76.4% level at 0.6681. Alternatively, a push above the 50% Fib at 0.6871 clears the way for a challenge of the 38.2% expansion at 0.6956.
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.