NZDUSD: Bulls Break Multi-Month Resistance
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.