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NZDUSD: Buyers Struggle to Build Momentum

NZDUSD: Buyers Struggle to Build Momentum

2012-08-03 03:59:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

NZDUSD is once again testing above resistance at 0.8082-92 marked by a former range bottom and the 61.8% Fibonacci retracement. A confirmed break higher initially exposes 0.8262. The pair has failed several attempts to breach resistance over recent days however and we will stand aside until firm confirmation of a directional bias at this barrier is resolved.

NZDUSD_Buyers_Struggle_to_Build_Momentum_body_Picture_5.png, NZDUSD: Buyers Struggle to Build Momentum

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

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