NZD/USD Technical Analysis August 23, 2011

The NZD/USD pair rose on Monday, and seems to have found a bit of support at the 0.82 level. The pair is decidedly bullish, but the latest action is somewhat contradictory. The 0.8000 level below here is major support, and if it gets broken – we will go much lower. A break to the upside of 0.85 would be massively bullish. Until then, we are likely to meander around these levels.

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