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NZD/USD Technical Analysis: Selloff Stalls at Channel Floor
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Talking Points:
NZD/USD Technical Strategy: Flat
Support: 0.6662, 0.6568, 0.6458
Resistance:0.6787, 0.6923, 0.7010
The New Zealand Dollar descended to probe below the bottom of a falling channel set from late April. Near-term support is in the 0.6662-0.6704 area (23.6% Fibonacci expansion, channel floor), with a break below that on a daily closing basis exposing the 38.2% level at 0.6568. Alternatively, a turn back above the 14.6% Fib at 0.6787 opens the door for a test of the June 25 high at 0.6923.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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