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  • #Oil prices saw a reprieve to the recent selling pressure but remain at risk while below downtrend resistance. Here are the levels that matter on the #WTI technical chart. Get your #commodities update from @MBForex here: https://t.co/CcXsF3JCMH https://t.co/RUmS1cX52v
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  • The growth-linked New Zealand Dollar may rise on the upcoming #RBNZ rate decision following rosy economic data. However, downside potential in the S&P 500 could offset $NZDUSD gains. Get your #currencies update from @ddubrovskyFX here: https://t.co/LfCe6C6G3P https://t.co/kUeBxxeaEf
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NZDUSD Classic Technical Report 08.07.2012

NZDUSD Classic Technical Report 08.07.2012

2012-08-07 03:48:00
Ilya Spivak, Head Strategist, APAC
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Prices are aiming to challenge the 0.8230-62 area marked a former range bottom and the 76.4% Fibonacci retracement after clearing resistance in the 0.8082-92 region near the 61.8% level. A break to the upside exposes the 0.8400 figure. The 0.8082-92 area has been recast as support, with a push back beneath that targeting 0.80.

NZDUSD_Classic_Technical_Report_08.07.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.07.2012

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

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NZD/USD
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