NZD/USD Technical Analysis – Prices recoiled from resistance at 0.8110, the 100% Fibonacci expansion, to retest a falling trend line set from early April. This barrier is reinforced by the 38.2% Fib retracement at 0.7979. A break beneath this barrier initially exposes the 50% retracement at 0.7922. Alternatively, a move above resistance eyes the 123.6% expansion at 0.8210.
Confirm your chart-based trade setups with the Technical Analyzer.
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