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NZDUSD Classic Technical Report 10.04.2012

By , Currency Strategist
04 October 2012 10:01 GMT

Prices are narrowly edged below support at 0.8193 but the break appears too narrow to be classified as a confirmed support breach for now. If downside momentum carries forward, sellers will target the next layer of support at 0.8047. The first layer of major resistance lines up at a falling trend line set from late-August 2011, now at 0.8342. A break above this barrier exposes the top of a rising channel established from the May 2012 lows at 0.8468.

NZDUSD_Classic_Technical_Report_10.04.2012_body_Picture_5.png, NZDUSD Classic Technical Report 10.04.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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04 October 2012 10:01 GMT