- NZDUSD Technical Strategy: Flat
- Support: 0.8067, 0.7998, 0.7887
- Resistance:0.8187, 0.8255, 0.8366
The New Zealand Dollar continues ranging around the 0.81 figure against its US namesake. Near-term resistance is at 0.8187, which is the 14.6% Fibonacci retracement and a falling trend line, with a break above that on a daily closing basis exposing the 23.6% level at 0.8255. Alternatively, a reversal below the 14.6% Fib expansion at 0.8067 opens the door for a test of the 23.6% threshold at 0.7998.
Positioning is inconclusive for the time being. Entering long seems premature absent confirmation on a break of trend line resistance. On the other hand, a short trade is unattractive from a risk/reward perspective with prices sitting too close to support. We see the flat on this pair.
