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Forex Analysis: NZDUSD Classic Technical Report 10.31.2012

Forex Analysis: NZDUSD Classic Technical Report 10.31.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bullish Engulfing candlestick pattern above support the bottom of a rising channel set from late May (0.8151), a barrier reinforced by the lower boundary of a smaller falling channel established from the September 14 swing high (0.8093). The setup hints a move higher is ahead. Initial resistance is at 0.8237, with a break above that exposing a long-term trend line now at 0.8327.

Forex_Analysis_NZDUSD_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: NZDUSD Classic Technical Report 10.31.2012

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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