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Forex Analysis: NZD/USD Classic Technical Report 12.14.2012

Forex Analysis: NZD/USD Classic Technical Report 12.14.2012

Ilya Spivak, Head Strategist, APAC

Prices broke resistance in the 0.8317-55 area, marked by the April 13 and September 28 highs. Buyers have now challenged the February 29 high at 0.8470, with a Shooting Star candlestick hinting a move lower is ahead. The 0.8317-55 region has been recast as support. A drop back below that aims for falling channel top resistance-turned-support at 0.8235. Alternatively, a push above resistance targets a rising channel top at 0.8546.

Forex_Analysis_NZDUSD_Classic_Technical_Report_12.14.2012_body_Picture_1.png, Forex Analysis: NZD/USD Classic Technical Report 12.14.2012

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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