Forex Analysis: NZDUSD Clears Key Channel Support

Ilya Spivak

Fri, Nov 9, 2012, 12:39 AM

Strategy: Pending Short

Prices broke below rising channel support set from late May, exposing the 23.6% Fibonacci retracement at 0.8113. A breach of this level exposes the 38.2% Fib at 0.7964. Channel support-turned-resistance is now at 0.8190, with a reversal back above that aiming for long-term trend line resistance now at 0.8320. Risk/reward considerations argue against entering a trade at current levels with the pair so close to support and we will stand side for now.

Forex_Analysis_NZDUSD_Clears_Key_Channel_Support_body_Picture_5.png, Forex Analysis: NZDUSD Clears Key Channel Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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