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NZD/USD Flirting with Bearish Breakout

NZD/USD Flirting with Bearish Breakout

2013-03-08 12:17:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Strategy: Flat

Prices pulled back from resistance at 0.8322, the intersection of the 38.2% Fibonacci retracement and a formerly broken horizontal support barrier, to test support at the 23.6% level (0.8272). This is reinforced by a rising trend line set from late July, now at 0.8257. A drop below that exposes the March 4 low at 0.8192. Alternatively, a reversal above resistance aims for a trend line barrier at 0.8351. We will stand aside for now and look for an actionable trade setup to present itself.

Forex_Analysis_NZDUSD_Flirting_with_Bearish_Breakout_body_Picture_5.png, NZD/USD Flirting with Bearish Breakout

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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