NZD/USD Technical Analysis– Prices found support at a trend line set from August 2010 (now at 0.7753) and rebounded as expected. The bulls have now cleared falling channel resistance to expose the 38.2% Fibonacci retracement at 0.8109, with a push above that eyeing the 0.8181-0.8217 area. Channel resistance-turned-support is now at 0.7960.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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