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NZD/USD Trying to Break Out Higher

NZD/USD Trying to Break Out Higher

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Strategy: Flat

Prices broke higher as expected, clearing resistance at the top of a falling channel set from April. Buyers are now testing above the 23.6% Fibonacci expansionat 0.7917, with a daily close above this barrier clearing the way for a move to the 38.2% mark at 0.8062. Channel resistance-turned-support is now at 0.7797.We will stand aside for now until the breakout is confirmed on a daily closing basis and reevaluate positioning at that point.

Confirm your chart-based trade setups with the Technical Analyzer.

NZDUSD_Trying_to_Break_Out_Higher_body_nzdusd.png, NZD/USD Trying to Break Out Higher

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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