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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE