Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

NZDUSD Classic Technical Report 09.05.2012

By , Currency Strategist
05 September 2012 10:06 GMT

Prices turned lower after retesting support-turned-resistance at 0.8042, the intersection of the 23.6% Fibonacci retracement and the underside of a Rising Wedge chart pattern carved out since late May. Initial support lines up at 0.7929, the 38.2% Fib, with a break below that targeting the 50% level at 0.7839. Alternatively, a push back above resistance exposes a long-term trend line barrier at 0.8143.

NZDUSD_Classic_Technical_Report_09.05.2012_body_Picture_5.png, NZDUSD Classic Technical Report 09.05.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

05 September 2012 10:06 GMT