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NZD/USD Technical Analysis: Familiar Range Still in Play

NZD/USD Technical Analysis: Familiar Range Still in Play

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Analysis– Prices continue to consolidate after clearing rising trend line support set from March 2011. Near-term support is at 0.7687, the 38.2% Fibonacci expansion, with a break below that eyeing the 50% level at 0.7633. Near-term resistance is at 0.7827, a barrier marked by the 14.6% Fib retracement and reinforced by the trend line (now recast as resistance at 0.7843).

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Familiar Range Still in Play

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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