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NZD/USD Technical Analysis– Prices found support at a trend line set from August 2010 (now at 0.7750) and rebounded as expected. The bulls have now cleared initial downward-sloping resistance to expose the 38.2% Fibonacci retracement at 0.8109, with a push above that eyeing the 0.8181-0.8217 area. Trend line resistance-turned-support is now at 0.8011.

dailyclassics_nzd-usd_body_Picture_10.png, NZD/USD Technical Analysis: Buyers Take Aim at 0.81

Daily Chart - Created Using FXCM Marketscope 2.0

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

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