NZD/USD Fails at 0.85, Falls to Wedge Bottom
NZD/USD Technical Strategy: Flat
Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a Rising Wedge chart pattern and sank to support is in the 0.8315-55 area. A break downward initially targets swing lows at 0.8155 and 0.8052. Wedge resistance is now at 0.8543. We will stand aside for now and look for an actionable trade setup to present itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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