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
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