NZD/USD Technical Analysis: Focus Remains on 0.76 Figure

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

• NZD/USD Technical Strategy:Flat

• Support: 0.7506, 0.7444, 0.7340

• Resistance:0.7608, 0.7680, 0.7760

The New Zealand Dollar continues to tread water below support-turned-resistance near the 0.76 figure against its US namesake. Near-term resistance is at 0.7608, the December 9 low, with a break above that on a daily closing basis exposing the intersection of the December 18 bottom and a rising channel top at 0.7680. Alternatively, a turn below channel floor support at 0.7506 opens the door for a challenge of the 23.6% Fibonacci expansion at 0.7444.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

NZD/USD Technical Analysis: Focus Remains on 0.76 Figure

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.