NZD/USD Technical Analysis 03.29.2013

DailyFX

NZD/USD Technical Analysis– Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 0.8391, marked by the 61.8% Fibonacci retracement and sitting in close proximity to the upside objective implied by an inverted Head and Shoulders pattern completed last week (0.8401). The setup hints a move lower may be ahead. Near-term support is at 0.8347, the 50% Fib, with a drop below that targeting the 38.2% level at 0.8303. Alternatively, a push above resistance aims for the 76.4% retracement at 0.8445.

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Forex_NZDUSD_Technical_Analysis_03.29.2013_body_Picture_5.png, NZD/USD Technical Analysis 03.29.2013

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

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