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NZD/USD Technical Strategy: Flat
Support: 0.7767 0.7682 0.7602
Resistance:0.7869 0.8051 0.8138
The New Zealand Dollar may have resumed the down trend against its US counterpart after taking out support guiding upswing from late September. A daily close below the 23.6% Fibonacci expansionat 0.7767 exposes the 0.7682-7707 area marked by the July 2013 and September 2014 lows. Alternatively a bounce above the intersection of the channel floor and 14.6% level at 0.7869 opens the door for a test of support-turned-resistance marked by the February 2014 low at 0.8051.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind we will remain on the sidelines for now until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com