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Forex: NZD/USD Technical Analysis ? Familiar Resistance Slows Rally

February 17, 2014

Ilya Spivak





Talking Points:



  • NZD/USD Technical Strategy: Flat
  • Support: 0.8297(50% Fib ret.), 0.8239 (38.2% Fib ret.)
  • Resistance: 0.8355 (61.8% Fib ret.), 0.8427 (76.4% Fib ret.)



    The New Zealand Dollar is stalling at resistance in the 0.8355-82 area, marked by a horizontal pivot dating back to mid-September and the 61.8% Fibonacci expansion. A break higher initially exposes the 76.4% level at 0.8427. Alternatively, a downward sees initially support at 0.8297, the 50% Fib, followed by the 38.2% retracement at 0.8239.



    Entering long here seems premature absent a clear-cut break above resistanceon a daily closing basis. On the other hand, a short trade seems appears to lack a solid basis without a defined reversal signal. We will remain on the sidelines for now.





    dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis - Familiar Resistance Slows Rally












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    Source: DailyFx


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