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NZDUSD Classic Technical Report 08.01.2012

NZDUSD Classic Technical Report 08.01.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing above resistance in the 0.8082-92 area, marked by a former range bottom and the 61.8% Fibonacci retracement. A confirmed break higher targets the 0.8230-62 area. Near-term support lines up at 0.8007, a former resistance at a falling trend line set from the late February top, but would be trailed up to 0.8082-92 in the event that barrier is convincingly broken.

NZDUSD_Classic_Technical_Report_08.01.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.01.2012

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

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