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NZD/USD Technical Analysis: Breakout Stalls at Resistance

NZD/USD Technical Analysis: Breakout Stalls at Resistance

Ilya Spivak, Head Strategist, APAC

NZD/USD Technical Analysis– Prices broke higher as expected, clearing resistance at the top of a falling channel set from April and marking what appears to be a meaningful reversal. Buyers are now challenging the 23.6% Fibonacci expansionat 0.7917, with a push above that targeting the 38.2% mark at 0.8062. Channel resistance-turned-support is now at 0.7810.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_nzd-usd_body_Picture_12.png, NZD/USD Technical Analysis: Breakout Stalls 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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