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NZDUSD: Bulls Set Sights on 0.87 Figure

By , Currency Strategist
22 July 2011 12:17 GMT

Strategy: Flat

NZDUSD has taken out the top of a rising channel in place since mid-May, pointing to bullish acceleration. The pair is setting multi-decade highs, making forecasting key upside levels a tricky endeavor. Loosely, a break of Fibonacci extension resistance at 0.8639 exposes the 0.87 figure, with near-term support at the broken channel top. While the bullish case is compelling, relative strength studies point to deeply overbought conditions and we will wait for a bit of a correction before jumping in.

NZDUSD_Bulls_Set_Sights_on_0.87_Figure_body_Picture_5.png, NZDUSD: Bulls Set Sights on 0.87 Figure

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22 July 2011 12:17 GMT