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NZD/USD Technical Analysis 05.31.2013

NZD/USD Technical Analysis 05.31.2013

2013-05-31 11:48:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis– Prices are testing below support in the 0.8052-67 area, marked by the November 16 2012 low and the 23.6% Fibonacci expansion. Sellers now challenge the 38.2% level at 0.7977, with a break below that exposing a major support cluster in the 0.7904-14 region. This marks the confluence of the 50% Fib, the September 5 2012 swing low, and a rising trend line established from June 2009. Near-term resistance is at 0.8181.

Forex_NZDUSD_Technical_Analysis_05.31.2013_body_Picture_5.png, NZD/USD Technical Analysis 05.31.2013

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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