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Talking Points:
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NZD/USD Technical Strategy: Flat
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Support: 0.7905 0.7831 0.7682
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Resistance:0.7973 0.8051 0.8138
The New Zealand Dollar advanced as expected against its US namesake after prices forming a bullish Piercing Line candlestick pattern. Near-term resistance is at 0.7973 the 23.6% Fibonacci retracement with a break above that on a daily closing basis exposing the intersection of a rising channel top and the February 4 low at 0.8051. Alternatively a turn below resistance-turned-support at 0.7905 clears the way for a challenge of the channel floor at 0.7831.
Prices are wedged too closely between near-term support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines waiting for a more compelling opportunity to emerge.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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