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NZDUSD Classic Technical Report 08.23.2012

NZDUSD Classic Technical Report 08.23.2012

Ilya Spivak, Head Strategist, APAC

Prices bounced from support in the 0.8035-92 congestion area to challenge a major falling trend line set from the August 2011 swing high (0.8157). A break above that exposing the 0.82 figure and the top of a Rising Wedge formation carved out since late May, now at 0.8281. Alternatively, a reversal through support targets the Wedge bottom at 0.7971.

NZDUSD_Classic_Technical_Report_08.23.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.23.2012

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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