NZD/USD Technical Analysis: Four-Year Support Line Broken
NZD/USD Technical Analysis– Prices pierced critical support marked by the 61.8% Fibonacci retracement (0.7921) and a rising trend line set from June 2009. Sellers now target the 76.4% level at 0.7743, a barrier reinforced by a secondary trend line set from August 2010. Alternatively, a move back above 0.7921 eyes the 50% Fib at 0.8065. Positive RSI divergence warns of ebbing bearish momentum.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.