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Talking Points:
- NZD/USD Technical Strategy: Flat
- Support: 0.7452, 0.7384, 0.7299
- Resistance:0.7521, 0.7606, 0.7699
The New Zealand Dollar declined against its US namesake as expected after prices produced a bearish Three Inside Down candlestick pattern. A daily close below the 50% Fibonacci retracementat 0.7452 exposes the 61.8% level at 0.7384. Alternatively, a turn above the 38.2% Fib at 0.7521 clears the way for a challenge of the 23.6% retracement at 0.7606.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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