NZD/USD Trying to Break Out Higher
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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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