NZD/USD Technical Analysis: Cautious Recovery Attempted

DailyFX.com -

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

Talking Points:

• NZD/USD Technical Strategy: Flat

• Support: 0.6512, 0.6400, 0.6218

• Resistance:0.6679, 0.6791, 0.6973

The New Zealand Dollar is attempting a cautious recovery against its US namesake after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.6679, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.6791. Alternatively, a push below the 14.6% Fib expansion at 0.6512 opens the door for a test of the 23.6% threshold at 0.6400.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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

NZD/USD Technical Analysis: Cautious Recovery Attempted

--- 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.