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NZD/USD Technical Analysis 02.14.2013

NZD/USD Technical Analysis 02.14.2013

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Analysis- Prices are testing above resistance in the 0.8460-75 area, with a break higher initially exposing the August 31 2011 high at 0.8571. In a broader sense, an upside breach would also complete an Ascending Triangle pattern, implying an upside target at 0.8788 (and coinciding with the major 2011 closing high).Near-term support is in the 0.8315-55 region, a barrier reinforced by a rising trend line set from late July.

Forex_NZDUSD_Technical_Analysis_02.14.2013_body_Picture_5.png, NZD/USD Technical Analysis 02.14.2013

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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