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NZDUSD: Bulls Break Multi-Month Resistance

NZDUSD: Bulls Break Multi-Month Resistance

2012-07-20 09:09:00
Ilya Spivak, Head Strategist, APAC

Strategy: Flat

NZDUSD followed a bullish Piercing Line candlestick pattern with a break above falling trend line resistance set from late February. The bulls now stand to challenge support-turned-resistance in the 0.8060-90 area. Risk/reward considerations argue against entering a trade at current levels and we will stand aside until something more compelling presents itself.

NZDUSD_Bulls_Break_Multi-Month_Resistance_body_Picture_5.png, NZDUSD: Bulls Break Multi-Month Resistance

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

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