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NZD/USD Fails at 0.85, Falls to Wedge Bottom

NZD/USD Fails at 0.85, Falls to Wedge Bottom

Ilya Spivak, Head Strategist, APAC

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.

Forex_Analysis_NZDUSD_Fails_at_0.85_Falls_to_Wedge_Bottom_body_Picture_5.png, NZD/USD Fails at 0.85, Falls to Wedge Bottom

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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