NZD/USD Technical Analysis: Sellers Break 3-Week Uptrend

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Talking Points:

• NZD/USD Technical Strategy: Flat

• Support: 0.7406, 0.7332, 0.7246

• Resistance:0.7524, 0.7590, 0.7633

The New Zealand Dollar declined as expected after producing a bearish Evening Star candlestick pattern. A daily close below the 0.7406-18 area (horizontal pivot, 38.2% Fibonacci expansion) exposes the 50% level at 0.77332.Alternatively, a turn above the 23.6% Fib at 0.7524 clears the way for a challenge of the 14.6% expansion at 0.7590.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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NZD/USD Technical Analysis: Sellers Break 3-Week Uptrend

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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