Strategy: Flat
NZDUSD soared through falling channel resistance as well as the 61.8% Fibonacci retracement at 0.8149. The bulls now threaten to challenge the 76.4% Fib level at 0.8310. The 61.8% barrier has been recast as near-term support, reinforced now on the underside by the channel top (currently at 0.8064). We do not see an actionable trade setup here for now and will stand aside until something more compelling presents itself.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.
