NZD/USD Technical Analysis: Sellers Now Aiming Below 0.78
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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.7798 0.7708 0.7597
- Resistance:0.7887 0.7998 0.8067
The New Zealand Dollar appears vulnerable to deeper losses against its US counterpart after sliding to the weakest level in over a year. A daily close below the 50% Fibonacci expansion at 0.7798 exposes the 61.8% mark at 0.7708. Alternatively a turn back above the 38.2% Fib at 0.7887 clears the way for a challenge of the 23.6% expansion at 0.7998.
While entering short is a tempting proposition positive RSI divergence warns of ebbing downside momentum and hints that a reversal higher may emerge around the corner. With that in mind we will opt to remain flat and wait for a more compelling opportunity.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
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