NZD/USD Technical Analysis– Prices continue to drift sideways above support at 0.7682, the June 24 low. Resistance is seen at the top of a falling channel set from April, now at 0.7863, with a break above that initially exposing the 23.6% Fibonacci expansionat 0.7917. Alternatively, a reversal below support targets the 38.2% Fib expansion at 0.7588.Positive RSI divergence argues in favor of an upside scenario.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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