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NZDUSD: Prices Nearing Major Resistance Cluster

NZDUSD: Prices Nearing Major Resistance Cluster

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

NZDUSD took out resistance at 0.7886, the 50% Fibonacci retracement, with the bulls now aiming to challenge the 61.8% level at 0.7988. This barrier is reinforced by a falling trend line set from late February (now at 0.8023) and former range support at 0.8092. This resistance cluster would be a logical place for the corrective upswing in play since late May to give way to resumption of the overall down trend, although confirmation remains absent for the time being. We will monitor the pair for selling opportunities.

NZDUSD_Prices_Nearing_Major_Resistance_Cluster_body_Picture_5.png, NZDUSD: Prices Nearing Major Resistance Cluster

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya 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.

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