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NZDUSD: Narrow Range Continues to Hold

By , Currency Strategist
05 October 2012 09:17 GMT

Strategy: Flat

As suspected, the narrow break of support at 0.8193 proved fleeting as prices nudged back into the familiar range that contained NZDUSD since mid-September. The first layer of major resistance remains at a falling trend line set from late-August 2011, now at 0.8342.A break above that exposes the top of a rising channel established from the May 2012 lows at 0.8472. Alternatively, a meaningful push through support targets 0.8047. Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.

NZDUSD_Narrow_Range_Continues_to_Hold_body_Picture_5.png, NZDUSD: Narrow Range Continues to Hold

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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05 October 2012 09:17 GMT