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NZD/USD Technical Analysis: Buyers Clear First Hurdle

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, closing back above another major trend barrier established from June 2009 (0.7905). Buyers now aim to challenge downward-sloping resistance at 0.8033, with a break above that eyeing the 38.2% Fibonacci retracement at 0.8109.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Buyers Clear First Hurdle

Daily Chart - Created Using FXCM Marketscope 2.0

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

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