Forex Analysis: NZD/USD Classic Technical Report 11.14.2012

Prices broke below rising channel support set from late May, exposing the 23.6% Fibonacci retracement at 0.8113. A breach of this level exposes the 38.2% Fib at 0.7964. Channel support-turned-resistance is now at 0.8208, with a reversal back above that aiming for long-term trend line resistance now at 0.8320.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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