NZD/USD Technical Analysis– Prices pierced critical support marked by the 61.8% Fibonacci retracement (0.7921) and a rising trend line set from June 2009. Sellers now target the 76.4% level at 0.7743, a barrier reinforced by a secondary trend line set from August 2010. Alternatively, a move back above 0.7921 eyes the 50% Fib at 0.8065. Positive RSI divergence continues to warn of ebbing bearish momentum.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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