Forex Analysis: NZD/USD Eyes 0.8470 Once Again

Strategy: Flat

Prices broke resistance in the 0.8317-55 area, exposing the February 29 high at 0.8470.A push above that exposes rising channel top resistance at 0.8597. The 0.8317-55 region is now acting as support, with a reversal back below that aiming for the channel bottom (now at 0.8219). Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.

Forex_Analysis_NZDUSD_Eyes_0.8470_Once_Again_body_Picture_1.png, Forex Analysis: NZD/USD Eyes 0.8470 Once Again

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.