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FOREX ANALYSIS: NZDUSD Classic Technical Report 10.25.2012

FOREX ANALYSIS: NZDUSD Classic Technical Report 10.25.2012

2012-10-25 11:11:00
Ilya Spivak, Head Strategist, APAC
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Prices put in a Bullish Engulfing candlestick pattern above support the bottom of a rising channel set from late May (0.8118), a barrier reinforced by the lower boundary of a smaller falling channel established from the September 14 swing high (0.8112). The setup hinds a move higher is ahead. Initial resistance is at 0.8253, with a break above that exposing a long-term trend line now at 0.8330.

FOREX_ANALYSIS_NZDUSD_Classic_Technical_Report_10.25.2012_body_Picture_5.png, FOREX ANALYSIS: NZDUSD Classic Technical Report 10.25.2012

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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