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Forex: NZD/USD Technical Analysis – Kiwi Sinks Back Under 0.80

Forex: NZD/USD Technical Analysis – Kiwi Sinks Back Under 0.80

2013-08-20 12:16:00
Ilya Spivak, Head Strategist, APAC
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NZD/USD Technical Analysis – Prices recoiled from resistance at 0.8110, the 100% Fibonacci expansion, to retest a falling trend line set from early April. This barrier is reinforced by the 38.2% Fib retracement at 0.7979. A break beneath this barrier initially exposes the 50% retracement at 0.7922. Alternatively, a move above resistance eyes the 123.6% expansion at 0.8210.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_nzd-usd_body_Picture_11.png, Forex: NZD/USD Technical Analysis – Kiwi Sinks Back Under 0.80

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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