Prices are pulling back anew after testing resistance at the underside of a previously broken rising channel set from late May (0.8252).Initial support lines up in the 0.8054-82 area, with a drop below that exposing the 0.80 figure and the 50% Fibonacci retracement at 0.7962. Alternatively, a push above resistance targets a falling trend line at 0.8296.

Forex_Analysis_NZDUSD_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: NZD/USD Classic Technical Report 11.23.2012

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed