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NZD/USD Consolidating Around 0.85 Figure

NZD/USD Consolidating Around 0.85 Figure

2013-05-03 12:01:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Strategy: Flat

Prices are consolidating above around the 0.85 figure. Near-term trend line resistance is at 0.8565, with a break above that targeting swing highs at 0.8585 and 0.8675. Trend line support is at 0.8446. A move beneath that eyes a pivot support level at 0.8389. Current positioning doesn’t offer a compelling entry point and we will stand aside for now, looking for an actionable setup to present itself.

Forex_Analysis_NZDUSD_Consolidating_Around_0.85_Figure_body_Picture_5.png, NZD/USD Consolidating Around 0.85 Figure

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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