NZDUSD Classic Technical Report 08.29.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.