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NZDUSD: Bulls Meet Key Resistance Level

By , Currency Strategist
27 January 2012 05:23 GMT

Strategy: Flat

NZDUSD is testing resistance at 0.8241, the late-October swing high reinforced by the top of a rising channel set from mid-December. Overbought RSI readings warn that the threat of a reversal lower is rising but price action is offering no tangible bearish signal, so we will stand aside for now until something more actionable presents itself. Near-term support lines up at 0.8108.

NZDUSD_Bulls_Meet_Key_Resistance_Level_body_Picture_5.png, NZDUSD: Bulls Meet Key Resistance Level

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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27 January 2012 05:23 GMT