NZD/ USD consolidating in Channel

The NZD/ USD is still in consolidation finding support and resistance within a channel which has appeared to be finding lower lows and lower highs. The currency pair also seems to be find support and resistance along the Fibonacci projection that completed May 2009.

Should the pair break out to the Long side then obviously selling prices are 0.7319 and 0.7759 respectively.

If the pair continues to  find lower lows then we could see support at the most recent key level of 0.6555. However, it should be noted that a strong support level could be where the lower channel line and the Fibonacci level intersect at 0.6406.

This information is brought to you by 

Dean Wright,Senior Analyst at FX Knight ,fxknight.com

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