NZD/USD—The Kiwi is Trading Quietly Below 0.75

NZD/USD (0.7273)

• Resistance Levels: 0.7420, 0.7490, 0.7612
• Support Levels: 0.7271, 0.7217, 0.7165
• Trade Strategy: Stand Aside

The Kiwi is still trading below the key 0.75 pivot after falling to its lowest price level in four years against the US Dollar. Please see the below daily MT 4 chart.

There is short term support lining up at 0.7271. A daily close below this level will challenge the technical support at 0.7217. Should the NZD/USD move higher we note a former support level at 0.7420. This is also the low achieved on February 24. A break above this level challenges the technical resistance at 0.7490.

As far as trade strategy is concerned, price action is not very conclusive for a long or short trade. There is no clear cut movement. For this reason, I am remaining flat till a better trade opportunity presents itself.