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Forex Analysis: NZDUSD Aims Higher at Channel Support

Forex Analysis: NZDUSD Aims Higher at Channel Support

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices put in a Bullish Engulfing candlestick pattern above support the bottom of a rising channel set from late May (0.8132), a barrier reinforced by the lower boundary of a smaller falling channel established from the September 14 swing high (0.8106). The setup hints a move higher is ahead. Initial resistance is at 0.8247, with a break above that exposing a long-term trend line now at 0.8328. Risk/reward considerations argue against entering a trade at current levels with the pair so close to resistance and we will stand side for now.

Forex_Analysis_NZDUSD_Finds_Channel_Support_body_Picture_5.png, Forex Analysis: NZDUSD Aims Higher at Channel Support

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.