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NZD/USD Technical Analysis: Waiting for Spark Near 0.65 Figure

NZD/USD Technical Analysis: Waiting for Spark Near 0.65 Figure

Ilya Spivak,

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • New Zealand Dollar Treading Water in Narrow Range Near 0.65 vs. US Counterpart
  • Inconclusive Positioning, Narrow Range Argue Against Trading Bearish Bias for Now

The New Zealand Dollar continues to tread water against its US namesake, with prices waiting for new direction cues above near a familiar horizontal pivot near the 0.65 figure. The dominant long-term trend continues to favor a bearish bias however.

Near-term support is at 0.6488, the 61.8% Fibonacci retracement, with a break below that on a daily closing basis clearing a path for a test of the 76.4% levelat 0.6391. Alternatively, a push above range support marked by the 50% Fib at 0.6566 opens the door for a challenge of the 0.6618-44 area, marked by the October 13 low and the 38.2% retracement.

An actionable trading opportunity is absent for the time being, with prices offering no clearly defined near-term direction cues. Furthermore, the available trading range is narrower too narrow relative to ATR to justify taking a trade on either the long or short side from a risk/reward perspective. We will remain on the sidelines, waiting for a more attractive opportunity to present itself.

Losing Money Trading Forex? This Might Be Why.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.