Forex Analysis: NZD/USD Classic Technical Report 01.04.2013

Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 0.8317-55 area, hinting a move lower is ahead. Near-term rising channel support is now squarely at 0.8202, with a break below that aiming for 0.8052. A drop below that targets 0.8052. Alternatively, a reversal through resistance aims for the February 29 high at 0.8470.

Forex_Analysis_NZDUSD_Classic_Technical_Report_01.04.2013_body_Picture_1.png, Forex Analysis: NZD/USD Classic Technical Report 01.04.2013

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.