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Forex: NZD/USD Technical Analysis – Candle Hints at Pullback

Forex: NZD/USD Technical Analysis – Candle Hints at Pullback

2013-09-20 14:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices rose as expected after forming a Bullish Engulfing at support set from Nov 2011
  • Spinning Top candle below resistance at 0.8437 (61.8% Fib) hints a pullback may be ahead
  • Initial support is at 0.8293 (50% Fib); a break below that targets 0.8149 (38.2% Fib)

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

dailyclassics_nzd-usd_body_Picture_10.png, Forex: NZD/USD Technical Analysis – Candle Hints at Pullback

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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