New Zealand Dollar at Channel Resistance – 50% Fibonacci at 8105

DailyBars

Prepared by Jamie Saettele, CMT

A picture perfect A-B-C advance may be complete in the NZDUSD. At minimum, price is at resistance and a dip is expected towards 7980. A drop below 7912 would confirm a reversal and shift focus towards 7770 and 7650. A new high still encounters resistance from the 50% retracement of the decline from the 2011 high at 8106.

Bottom Line – short, use USDOLLAR 9855 as a stop

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.