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.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Standstill Continues Above 0.77

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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