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NZDUSD Classic Technical Report 10.05.2012

Ilya Spivak

As suspected, the narrow break of support at 0.8193 proved fleeting as prices nudged back into the familiar range that contained NZDUSD since mid-September. The first layer of major resistance remains at a falling trend line set from late-August 2011, now at 0.8342.A break above that exposes the top of a rising channel established from the May 2012 lows at 0.8472. Alternatively, a meaningful push through support targets 0.8047.

NZDUSD_Classic_Technical_Report_10.05.2012_body_Picture_5.png, NZDUSD Classic Technical Report 10.05.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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