U.S. Markets open in 5 hrs 14 mins

NZD/USD Technical Analysis: Initial Resistance Challenged

Ilya Spivak

NZD/USD Technical Analysis– Prices are recovering as suspected after putting in a Doji candlestick. Near-term resistance is at 0.7827, the 14.6% Fibonacci retracement, with a break above that targeting the 23.6% level at 0.7917. Support is seen at 0.7704, marked by a rising trend line set from March 2011.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Initial Resistance Challenged

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.