Forex: NZD/USD Technical Analysis – Candle Setup Hints at Bounce

Ilya Spivak
September 3, 2013

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points

  • Bullish Engulfing pattern formed at rising trend line support set from November 2011
  • Candle setup hints at gains. Initial resistance at seen at 0.7917 (23.6% Fib retracement)
  • Reversal below the trend line (now at 0.7721) exposes the June 24 swing low at 0.7682

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

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

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.