Forex: NZD/USD Technical Analysis – Drifting Below Channel Top
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- 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)
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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