Prices turned lower after retesting support-turned-resistance at 0.8042, the intersection of the 23.6% Fibonacci retracement and the underside of a Rising Wedge chart pattern carved out since late May. Initial support lines up at 0.7929, the 38.2% Fib, with a break below that targeting the 50% level at 0.7839. Alternatively, a push back above resistance exposes a long-term trend line barrier at 0.8143.

NZDUSD_Classic_Technical_Report_09.05.2012_body_Picture_5.png, NZDUSD Classic Technical Report 09.05.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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