NZDUSD: Two-Year Support Level in Focus
NZDUSD is testing support at 0.7759, the 50% Fibonacci expansion level, with a break lower exposing rising trend line support set from mid-May 2010 (now at 0.7615). This barrier is reinforced by the 61.8% expansion at 0.7594. We will wait for a break of the latter barrier to look for selling opportunities.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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