NZD/USD Technical Analysis 05.24.2013

DailyFX

NZD/USD Technical Analysis– Prices put in a Bullish Engulfing candlestick pattern above support at 0.8052, the November 16 2012 low, hinting a move higher is ahead. Near-term resistance is at 0.8181, a formerly broken horizontal support level, with a break above that targeting the 38.2% Fibonacci retracement at 0.8261. Alternatively, a move below support eyes the 0.80 figure and the September 5 2012 low at 0.7914.

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Forex_NZDUSD_Technical_Analysis_05.24.2013_body_Picture_5.png, NZD/USD Technical Analysis 05.24.2013

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

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