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NZD/USD Technical Analysis: Rally Stalls at 4-Month Resistance

NZD/USD Technical Analysis: Rally Stalls at 4-Month Resistance

2013-08-12 10:51:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis – Prices are pulling back from resistance at a falling trend line set from early April to probe underneath the 76.4% Fibonacci retracement at 0.8007. A break beneath that targets the 61.8% level at 0.7946. Alternatively, a move above the trend line (now at 0.8023) targets the July 25 high at 0.8106.

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

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Rally Stalls at 4-Month 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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