Forex Analysis: NZDUSD Classic Technical Report 10.31.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.