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Forex: NZD/USD Technical Analysis – H&S Implies Drop Sub-0.79

Forex: NZD/USD Technical Analysis – H&S Implies Drop Sub-0.79

2013-11-27 04:10:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A break of neckline support 0.8214 (38.2% Fib) hints a Head & Shoulders top is set
  • Sellers now target 0.8113 (50% Fib); the H&S setup implies a measured target at 0.7885
  • Reversing back above 0.8214 sees resistance in the 0.8382-0.8435 area (Sep 18-19 highs)

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

dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – H&S Implies Drop Sub-0.79

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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