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NZDUSD: Two-Year Support Level in Focus

NZDUSD: Two-Year Support Level in Focus

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

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.

NZDUSD_Two-Year_Support_Level_in_Focus_body_Picture_5.png, NZDUSD: Two-Year Support Level in Focus

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya 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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