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Forex: NZD/USD Technical Analysis 01.31.2013

Ilya Spivak

NZD/USD Technical Analysis- Prices are drifting cautiously lower after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from mid-December. Initial support is in the 0.8315-55 area, with a break below that targeting rising channel support at 0.8266. Alternatively, a push above resistance (now at 0.8442) exposes the August 31 2011 high at 0.8571.


Forex_NZDUSD_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: NZD/USD Technical Analysis 01.31.2013

Daily Chart - Created Using FXCM Marketscope 2.0




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


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