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NZDUSD Classic Technical Report 08.13.2012

NZDUSD Classic Technical Report 08.13.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support in the 0.8058-92 area after putting in a Bearish Engulfing candlestick pattern below critical falling trend line resistance capping gains over the past 12 months. A break below that exposes trend line resistance-turned-support now at 0.7957. Resistance is now at 0.8183, with a breach above that initially targeting the 0.82 figure and 0.8262.

NZDUSD_Classic_Technical_Report_08.13.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.13.2012

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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