Forex: NZD/USD Technical Analysis – Catalysts Sought Near 0.83

| 27 februari, 2014 | 0 kommentarer

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8301 (23.6% Fib exp.), 0.8246 (38.2% Fib exp.)
  • Resistance: 0.8336 (14.6% Fib exp.), 0.8382 (trend line, horizontal pivot)

Prices are testing support at 0.8301, the 23.6% Fibonacci expansion, with a break below this boundary exposing the 38.2% level at 0.8246. Alternatively, a reversal above near-term resistance marked by the 14.6% Fib at 0.8336 on a daily closing basis targets 0.8382. This barrier is marked by a falling trend line set from mid-October and a horizontal pivot in play since September.

Range-bound consolidation doesn’t offer a clear-cut directional trade setup. Furthermore, the close proximity of near-term up- and downside levels argues against taking a trade on risk/reward grounds. We will remain flat until something more attractive materializes.

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dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis  Catalysts Sought Near 0.83

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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Kategori: Analys från DailyFX

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