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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.8082, 0.8006, 0.7882
- Resistance:0.8144, 0.8206, 0.8283
The New Zealand Dollar paused for a brief respite after falling for five consecutive sessions against its US namesake. A daily close above the 50% Fibonacci expansionat 0.8144 exposes the 38.2% level at 0.8206. Alternatively, a renewed downward push below the 61.8% Fib at 0.8082 clears the way for a challenge of the 76.4% expansion at 0.8006.
The appearance of an Inverted Hammer candlestick hints a bounce may be brewing ahead, arguing against entering short. Prices are too close to resistance to justify taking up the long side from a risk/reward perspective however. With that in mind, we will remain on the sidelines for now.
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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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