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NZD/USD Technical Analysis 02.18.2013

NZD/USD Technical Analysis 02.18.2013

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a Rising Wedge chart pattern, hinting a move lower is ahead. Initial support is in the 0.8315-55 area, with a break lower targeting swing lows at 0.8155 and 0.8052. Wedge resistance is now at 0.8537.

Forex_NZDUSD_Technical_Analysis_02.15.2013_body_Picture_5.png, NZD/USD Technical Analysis 02.18.2013

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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