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NZDUSD: Bulls Threaten Key Trend Line Barrier

NZDUSD: Bulls Threaten Key Trend Line Barrier

2012-07-27 11:34:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

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.

NZDUSD_Bulls_Threaten_Key_Trend_Line_Barrier_body_Picture_5.png, NZDUSD: Bulls Threaten Key Trend Line Barrier

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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