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NZD/USD Technical Analysis: Bulls Struggle at Resistance

NZD/USD Technical Analysis: Bulls Struggle at Resistance

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Analysis– Prices are pulling back from resistance at 0.7917, the 23.6% Fibonacci expansion, a barrier reinforced by the top of a falling channel set from April. Near-term support is at 0.7682, the June 24 low at 0.7682, with a break beneath that initially eyeing the 38.2% Fib expansion at 0.7588. Alternatively, a reversal above resistance aims for the 38.2% retracement level at 0.8062.

dailyclassics_nzd-usd_body_Picture_9.png, NZD/USD Technical Analysis: Bulls Struggle at Resistance

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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