NZD/USD Technical Analysis– Prices broke downward after putting in a bearish Dark Cloud Cover candlestick pattern. Sellers are now testing support at 0.8387, the 23.6% Fibonacci retracement. A break below that exposes the 38.2% level at 0.8209. Near-term resistance is at 0.8497, the 14.6% Fib, with a reversal above that eyeing trend line support-turned-resistance at 0.8533.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— 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