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NZDUSD Classic Technical Report 09.24.2012

NZDUSD Classic Technical Report 09.24.2012

Ilya Spivak, Head Strategist, APAC

Prices pulled back to test support at 0.8223 after putting in a Shooting Star candlestick below resistance at falling trend line set from late-August 2011. A break below this barrier initially exposes 0.8047. Alternatively, a push above the trend line (now at 0.8349) targets the top of a rising channel established from the May 2012 lows at 0.8418.

NZDUSD_Classic_Technical_Report_09.24.2012_body_Picture_5.png, NZDUSD Classic Technical Report 09.24.2012

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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