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NZD/USD Technical Analysis: Range May Break Higher

NZD/USD Technical Analysis: Range May Break Higher

2013-07-16 08:46:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis– Prices continue to drift sideways above support at 0.7682, the June 24 low. Resistance is seen at the top of a falling channel set from April, now at 0.7863, with a break above that initially exposing the 23.6% Fibonacci expansionat 0.7917. Alternatively, a reversal below support targets the 38.2% Fib expansion at 0.7588.Positive RSI divergence argues in favor of an upside scenario.

dailyclassics_nzd-usd_body_Picture_9.png, NZD/USD Technical Analysis: Range May Break Higher

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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