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NZDUSD Classic Technical Report 08.17.2012

NZDUSD Classic Technical Report 08.17.2012

2012-08-17 12:47:00
Ilya Spivak, Head Strategist, APAC
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Prices put in a bullish Three Inside Up candlestick pattern above resistance-turned-support at 0.8047, hinting an upswing may be ahead. Initial resistance lines up at 0.8170, a major falling trend line set from the August 2011 swing high. Alternatively, a reversal below support exposes the 0.80 figure and 0.7839.

NZDUSD_Classic_Technical_Report_08.17.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.17.2012

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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