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NZD/USD Technical Analysis: Sideways Trade Continues

Ilya Spivak

NZD/USD Technical Analysis– Prices continue to consolidate after clearing rising trend line support set from March 2011. Near-term support is at 0.7687, the 38.2% Fibonacci expansion, with a break below that eyeing the 50% level at 0.7633. Near-term resistance is at 0.7827, a barrier marked by the 14.6% Fib retracement and reinforced by the trend line (now recast as resistance at 0.7842).

dailyclassics_nzd-usd_body_Picture_12.png, NZD/USD Technical Analysis: Sideways Trade Continues

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

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