NZDUSD: Bulls Threaten Key Trend Line Barrier
NZDUSD followed a Bullish Engulfing candlestick pattern with a push higher, probing above falling trend line resistance to challenge the 0.8060-92 area once again. A break to the upside initially exposes 0.8262. Near-term support remains at 0.7836, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.7688. Current positioning doesn’t offer an actionable trade setup just yet and we will remain on the sidelines for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.