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NZD/USD Technical Analysis: Major Four-Year Support at Risk

NZD/USD Technical Analysis: Major Four-Year Support at Risk

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Analysis– Prices are testing critical support in the 0.7884-0.7921 region marked by the 61.8% Fibonacci retracement and a rising trend line set from June 2009. A break below that initially exposes the 76.4% level at 0.7743. Near-term resistance is at 0.8065, the 50% retracement, with a push above that eyeing the 0.8181-0.8209 area.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Major Four-Year Support at Risk

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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