As suspected, the narrow break of support at 0.8193 proved fleeting as prices nudged back into the familiar range that contained NZDUSD since mid-September. The first layer of major resistance remains at a falling trend line set from late-August 2011, now at 0.8342.A break above that exposes the top of a rising channel established from the May 2012 lows at 0.8472. Alternatively, a meaningful push through support targets 0.8047.

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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed