Forex Technical Update
NZD/USD 4H Chart 9:08AM EST 11/5/2012
Throwback: The NZD/USD broke above a triangle and the 0.8240 resistance last week, but was in a throwback. The 4H chart shows that the market is confirming the breakout to the upside, and establishing a bullish outlook. the RSI kissing 70, and staying above 40, and even 50, has been a sign of persistent bullish momentum development. As we clear a new high above 0.8280, NZD/USD has focus on the next resistance.
Above 0.8355, the market opens up the 0.84 handle as well as the 0.8470 2012-high.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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