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NZDUSD Classic Technical Report 08.03.2012

NZDUSD Classic Technical Report 08.03.2012

Ilya Spivak, Head Strategist, APAC

Prices are once again 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 initially exposes 0.8262. Near-term support lines up at 0.7998, a former resistance at a falling trend line set from the late February top, but would be revised higher to 0.8082-92 in the event that barrier is convincingly broken.

NZDUSD_Classic_Technical_Report_08.03.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.03.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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