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Forex: NZD/USD Technical Analysis – Drifting Below Channel Top

Forex: NZD/USD Technical Analysis – Drifting Below Channel Top

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A Bearish Engulfing candle pattern below channel resistance hints at weakness ahead
  • Breaking below 0.8225 (23.6% Fib expansion) exposes 0.8158 (38.2% Fib exp.)
  • Channel top resistance is now at 0.8280; above that targets 0.8334 (Dec 10 high)

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

dailyclassics_nzd-usd_body_Picture_9.png, Forex: NZD/USD Technical Analysis – Drifting Below Channel Top

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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