NZDUSD Classic Technical Report 07.23.2012
Prices put in a Bearish Engulfing candlestick pattern below support-turned-resistance in the 8060-92 area, a barrier reinforced by a falling trend line set from February, hinting a move lower is ahead. Initial trend line support lines up at 0.7910, with a break below that exposing the 23.6% Fibonacci expansion at 0.7835.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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