0
522
The New Zealand Dollar is wedged in an increasingly narrow range below a
trend line capping gains against its US namesake since late October. A
daily close above 0.7595 (38.2% Fibonacci expansion, trend line) exposes
the 50% level at 0.7658. Alternatively, a turn below trend line support
at 0.7515 clears the way for a challenge of a horizontal pivot at
0.7406.
| Resistance | Support |
|---|---|
| 0.7595 | 0.7515 |
| 0.7658 | 0.7406 |
| 0.7721 | 0.7296 |
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
