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  • Sterling remains trapped by overarching fundamentals drivers and both $GBPUSD and $EURGBP are going to have to wait until the Brexit dust settles. Get your #currencies update from @nickcawley1 here: https://t.co/vF1K1cy0nd https://t.co/NSA7qiQihc
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  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/r7aJb4qpqc
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  • ...even more incredible is net speculative futures positioning in $EURUSD, rounding off from a record net long position...and it hasn't even cleared 1.20... https://t.co/SfyYTMTT1x
  • Net speculative futures positioning in the Dollar (here overlaid with the $DXY) has pushed to extreme levels commensurate to the levels in Oct 2017 and April 2018 https://t.co/JqHGgVUCqc
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NZDUSD Classic Technical Report 08.29.2012

NZDUSD Classic Technical Report 08.29.2012

2012-08-29 11:05:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing below support at 0.8039, the lower boundary of a bearish Rising Wedge chart formation and the 23.6% Fibonacci retracement. A confirmed break below that exposes the 38.2% Fib at 0.7927. Near-term resistance remains at a falling trend line set from the August 2011 swing high, now at 0.8151.

NZDUSD_Classic_Technical_Report_08.29.2012_body_Picture_5.png, NZDUSD Classic Technical Report 08.29.2012

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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NZD/USD
Bullish