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NZDUSD: Buyers Challenge Key Trend Line

NZDUSD: Buyers Challenge Key Trend Line

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices rebounded after putting in an Inverted Hammer candlestick above support at 0.8193 to retest resistance at a falling trend line set from late-August 2011, now at 0.8343. A break above this barrier exposes the top of a rising channel established from the May 2012 lows at 0.8445. Alternatively, a reversal through support targets 0.8047, a horizontal barrier reinforced by the channel bottom. Current positioning doesn’t offer an attractive entry point from a risk/reward perspective and we will stand aside for now.

NZDUSD_Buyers_Challenge_Key_Trend_Line_body_Picture_5.png, NZDUSD: Buyers Challenge Key Trend Line

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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