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NZDUSD: Narrow Range Continues to Hold

NZDUSD: Narrow Range Continues to Hold

2012-10-19 08:27:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Flat

Prices remain locked between 0.8140 and 0.8221, the 23.6% and 14.6% Fibonacci retracements, respectively. A break higher exposes a channel top at 0.8266 and a major falling trend line set from late August, now at 0.8334. Alternatively, a push below support exposes the 0.8009-47 area marked by a horizontal pivot level and the 38.2% Fib. Current positioning doesn’t offer an actionable trade setup and we will stand aside for now.

NZDUSD_Narrow_Range_Continues_to_Hold_body_Picture_5.png, NZDUSD: Narrow Range Continues to Hold

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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