Forex Analysis: NZD/USD Classic Technical Report 12.20.2012

Prices are moving lower as expected after putting in a Harami candlestick pattern below resistance at 0.8470, the February 29 high. Near-term support is in the 0.8317-55 area, with a drop below that exposing the rising channel support at 0.8175.Alternatively, a reversal above resistance targets the channel top at 0.8558.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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