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NZD/USD Technical Analysis 04.01.2013

NZD/USD Technical Analysis 04.01.2013

2013-04-01 09:34:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis– Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 0.8391, marked by the 61.8% Fibonacci retracement and sitting in close proximity to the upside objective implied by an inverted Head and Shoulders pattern (0.8401). The setup hints a move lower may be ahead. Near-term support is at 0.8347, the 50% Fib, with a drop below that targeting the 38.2% level at 0.8303. Alternatively, a push above resistance aims for the 76.4% retracement at 0.8445.

Forex_NZDUSD_Technical_Analysis_04.01.2013_body_Picture_5.png, NZD/USD Technical Analysis 04.01.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- 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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