Forex Technical Update

Previous: NZD/USD Monitoring Throwback after Triangle Breakout (11/5)

NZD/USD 4H Chart 9:08AM EST 11/5/2012

NZD/USD 11/6/2012 4H chart

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.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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