NZD/USD Technical Analysis: Prices Poised to Pick Direction
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- NZD/USD Technical Strategy: Flat
- Kiwi Dollar waiting for new direction cues to emerge amid congestion
- Stalled near-term price action remains within bounds of larger down trend
The New Zealand Dollar is mired in a choppy congestion range below the 0.71 figure against its US cousin as prices struggle to find lasting directional momentum. Still, the broader longer-term trend bias appears to favor the downside.
Interim support is at 0.6975, the 23.6% Fibonacci expansion, with a daily close below that opening the door for a test of the 38.2% level at 0.6905. Alternatively, a push above the 38.2% Fib retracement at 0.7076 paves the way for a challenge of the 50% threshold at 0.7133.
Immediate selling pressure has ebbed and prices have become rudderless. Consolidation may precede downward resumption or a reversal higher, but thus far positioning looks non-committal. With that in mind, choosing to wait for a better-defined opportunity seems most attractive.
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