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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.6786, 0.6681, 0.6511
- Resistance:0.6871, 0.6956, 0.7061
The New Zealand Dollar remains under pressure against its US namesake, hitting the lowest level in five years. Near-term support is at 0.6786, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.6681. Alternatively, a turn above the 50% Fib at 0.6871 opens the door for a test of the 38.2% expansion at 0.6956.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com