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NZDUSD Classic Technical Report 08.20.2012

NZDUSD Classic Technical Report 08.20.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support in the 0.8035-92 congestion area, with a break lower exposing rising trend line support at 0.7948. Initial resistance lines up at 0.8168, a major falling trend line set from the August 2011 swing high.

NZDUSD_Classic_Technical_Report_08.20.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.20.2012

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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