NZD/USD Technical Analysis– Prices found support at a trend line set from August 2010 (now at 0.7753) and rebounded as expected. The bulls have now cleared falling channel resistance to expose the 38.2% Fibonacci retracement at 0.8109, with a push above that eyeing the 0.8181-0.8217 area. Channel resistance-turned-support is now at 0.7960.
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