0
217
The New Zealand Dollar may have resumed the down trend against its US
namesake after prices violated the series of higher highs and higher
lows set from early November. A daily close below the 14.6% Fibonacci
expansion at 0.7802 exposes the 0.7682-96 area marked by the July 2013
bottom and the 23.6% level. Alternatively, a turn above the 23.6% Fib
retracement at 0.7937 opens the door for a test of the October 21 high
at 0.8034.
| Resistance | Support |
|---|---|
| 0.7937 | 0.7802 |
| 0.8034 | 0.7682 |
| 0.8109 | 0.7525 |
A shallow pull-up from last week’s lows has made for an improvement in risk/reward parameters and we will now enter short, initially targeting 0.7802.
