Forex Analysis: NZD/USD Classic Technical Report 12.31.2012

Prices moved lower as expected after putting in a Harami candlestick pattern below resistance at 0.8470, the February 29 high. Sellers pushed through support in the 0.8317-55 area and are now testing the bottom of a rising channel set from late July (0.8191). A break below that initially exposes 0.8052. The 0.8317-55 region is now acting as near-term resistance.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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