Forex Analysis: NZD/USD Eyes 0.8470 Once Again

DailyFX

Strategy: Flat

Prices broke resistance in the 0.8317-55 area, exposing the February 29 high at 0.8470.A push above that exposes rising channel top resistance at 0.8597. The 0.8317-55 region is now acting as support, with a reversal back below that aiming for the channel bottom (now at 0.8219). Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.

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Forex_Analysis_NZDUSD_Eyes_0.8470_Once_Again_body_Picture_1.png, Forex Analysis: NZD/USD Eyes 0.8470 Once Again

Daily Chart - Created Using FXCM Marketscope 2.0

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

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