The New Zealand Dollar found interim support at 0.8246, the 38.2%Fibonacci expansion and bounced to retest the 23.6% level at 0.8301. A break above the latter boundary targets 0.8382, the intersection of a horizontal pivot in play since mid-September 2013and a falling trend line set from late October. Alternatively, a turn below 0.8246 aims for the 50% Fib at 0.8201.
Risk/reward considerations argue against a long position with prices trading squarely at relevant resistance, while the absence of a reversal signal warns against taking up the short side. We will remain flat for now until an actionable setup presents itself.