To receive Ilya’s analysis directly via email, please SIGN UP HERE
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 continued to push lower against its US counterpart, extending its losing streak for a fifth consecutive session. A daily close below the 61.8% Fibonacci expansion at 0.6786 exposes the 76.4% level at 0.6681. Alternatively, a push above the 50% Fib at 0.6871 clears the way for a challenge of the 38.2% expansion at 0.6956.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
— Written by Ilya Spivak, Currency Strategist for DailyFX.com