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- NZD/USD Technical Strategy: Flat
- Support: 0.8283, 0.8206, 0.8144
- Resistance:0.8330, 0.8401, 0.8500
The New Zealand Dollar continues to face selling pressure against its US counterpart, sinking to the lowest level in over six months. A daily close below the 23.6% Fibonacci expansion at 0.8283 exposes the 38.2% level at 0.8206. Alternatively, a reversal above the 14.6% Fib at 0.8330 clears the way for a challenge of support-turned-resistance at 0.8401, the June 4 low.
The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable setup to present itself.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com