NZD/USD Technical Analysis– Prices are testing support in the 0.7723-57 area marked by a trend line set from August 2010 and the 50% Fibonacci expansion. A break below that initially targets the 61.8% level at 0.7678. Near-term resistance is at 0.7821, the 38.2% Fib. The appearance of a Doji candlestick points to indecision and hints bearish momentum may be ebbing.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE