NZD/USD Technical Analysis September 7, 2011

NZD/USD fell hard during the Tuesday session, after initially rising in value. The pair looks like it is trying to find the 0.81 to 0.80 level for support and the daily candle for Tuesday is forming a shooting star-shaped candle to emphasize that idea. The pair has recently made a lower high, and if we can manage to break below the 0.80 area – look out below. The breaking of the Tuesday low is a reasonable sell signal, but as I mentioned earlier – 0.81 is the start of serious support.

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