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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.6871, 0.6786, 0.6681
- Resistance:0.6956, 0.7061, 0.7126
The New Zealand Dollar has paused to digest losses after turning swiftly lower following disappointing first-quarter GDP data. Near-term support is at 0.6871, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.6786. Alternatively, a move above the 38.2% Fib at 0.6956 opens the door for a test of the 0.7024-61 area (June 5 low, 23.6% expansion).
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