Forex: NZD/USD Technical Analysis – Head and Shoulders Forming?

| 7 april, 2014 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.8513 (Oct 22 close), 0.8452 (38.2% Fib ret.)
  • Resistance: 0.8649 (trend line), 0.8675 (Apr’13 high)

New Zealand Dollar turned lower as expected against its US namesake after prices completed a Bearish Engulfing candlestick pattern below resistance at the April 2013 high (0.8675). The pair has since bounced from support at 0.8513, the October 22 close, with a move through rising trend line support-turned-resistance at 0.8649 aiming for 0.8675 anew. Alternatively, a reversal below support targets the 38.2% Fibonacci retracement at 0.8452.

There appears to be a possibility that a Head and Shoulders top being carved out below the April high with 0.8513 serving as the pattern’s neckline, but confirmation is absent for the time being. We will stand aside for now, monitoring the pair for an actionable trade setup.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis  Head and Shoulders Forming?

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *