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NZD/USD Probes Above Resistance

Ilya Spivak

NZD/USD Technical Strategy: Flat

Prices are testing above falling trend line resistance set from mid-December (now at 0.8441). A confirmed break higher on a daily closing basis exposes the August 31 2011 high at 0.8571. Initial support is in the 0.8315-55 area, with a turn below that targeting rising channel support at 0.8270. An actionable trade trigger is absent for now and we will stand aside until something more concrete presents itself.

Forex_Analysis_NZDUSD_Probes_Above_Resistance_body_Picture_1.png, NZD/USD Probes Above Resistance
Forex_Analysis_NZDUSD_Probes_Above_Resistance_body_Picture_1.png, NZD/USD Probes Above Resistance

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

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