NZD/USD Technical Analysis: Cautious Recovery Attempted
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- NZD/USD Technical Strategy: Flat
- Support: 0.6512, 0.6400, 0.6218
- Resistance:0.6679, 0.6791, 0.6973
The New Zealand Dollar is attempting a cautious recovery against its US namesake after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.6679, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.6791. Alternatively, a push below the 14.6% Fib expansion at 0.6512 opens the door for a test of the 23.6% threshold at 0.6400.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.