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.
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