NZD/USD trades narrowly following failure to break above 0.7400

Technical Analysis

Author: Justin Low | nzdusd

The kiwi is among the laggards for the day

The inability for NZD/USD to get above the 0.7400 figure level sees the pair head lower, but remains supported by the March highs (resistance-turned-support).

That has been a key level to any downside move in the pair over the last four trading days.

In the near-term, the recent stall sees the pair fall back below the 100-hour MA (red line) and although supported, it still remains unable to break back above the 100-hour MA.

That sets up a very narrow trading range for the pair until either one of the levels give way. Technically, if the support level manages to win out we should see a retest of the year's high at 0.7438.

The next risk event for the pair is on the dollar side of the equation, being today's US retail sales data.

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