NZD/USD Technical Analysis– Prices are pulling back from resistance at 0.7917, the 23.6% Fibonacci expansion, a barrier reinforced by the top of a falling channel set from April. Near-term support is at 0.7682, the June 24 low at 0.7682, with a break beneath that initially eyeing the 38.2% Fib expansion at 0.7588. Alternatively, a reversal above resistance aims for the 38.2% retracement level at 0.8062.
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