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NZD/USD Technical Analysis: Bullish Reversal Underway?

NZD/USD Technical Analysis: Bullish Reversal Underway?

2013-06-12 10:53:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis– Prices found support at a trend line set from August 2010 (now at 0.7748) and rebounded, with the pair testing back above a recently broken trend line barrier established from June 2009 (0.7903). A daily closing above this level targets downward-sloping resistance at 0.8062. Positive RSI divergence continues to underscore bullish reversal risk.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Bullish Reversal Underway?

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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