U.S. Markets closed

NZD/USD Technical Analysis: Buyers Take Aim at 0.81

Ilya Spivak

NZD/USD Technical Analysis– Prices found support at a trend line set from August 2010 (now at 0.7750) and rebounded as expected. The bulls have now cleared initial downward-sloping resistance to expose the 38.2% Fibonacci retracement at 0.8109, with a push above that eyeing the 0.8181-0.8217 area. Trend line resistance-turned-support is now at 0.8011.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Buyers Take Aim at 0.81

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.