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NZD/USD Technical Analysis: 4-Month Resistance Challenged

NZD/USD Technical Analysis: 4-Month Resistance Challenged

2013-08-09 06:39:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis – Prices broke above resistance at 0.7914, exposing a falling trend line set from early April (now at 0.8024). This barrier is reinforced by support-turned-resistance at 0.8052. A push above the latter level targets 0.8155. The 0.7914 mark has been recast as near-term support, with a reversal back beneath that eyeing 0.7806.

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

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: 4-Month Resistance Challenged

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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