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Forex: NZD/USD Technical Analysis – Grinding Against 0.78 Mark

Forex: NZD/USD Technical Analysis – Grinding Against 0.78 Mark

Ilya Spivak, Head Strategist, APAC

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NZD/USD Technical Analysis – Prices recoiled from triple top resistance at 0.8096 to break below support at 0.7928, 23.6% Fibonacci expansion. Sellers are now testing support in the 0.7783-0.7818 area, marked by the August 5 close and the 38.2% level. A further push below that eyes the 50% Fib at 0.7666. The 0.7928 mark has been recast as near-term resistance.

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

dailyclassics_nzd-usd_body_Picture_10.png, Forex: NZD/USD Technical Analysis – Grinding Against 0.78 Mark

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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