NZDUSD Classic Technical Report 07.24.2012
Prices continued lower after putting in a Bearish Engulfing candlestick pattern below resistance in the 8060-92 area, a barrier reinforced by a falling trend line set from February, taking out minor upward-sloping support to exposing the 23.6% Fibonacci expansion at 0.7835. A break lower from here targets the 38.2% Fib at 0.7686. Initial trend line resistance is now at 0.7912, with a push above that targeting 0.8027.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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