English
Français
Deutsch
Español
日本語
ελληνικά
العربية
中文
Dansk
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.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
