Price action on NZD/USD has been consolidating around major resistance in the 0.6600 price region for the last two weeks. This consolidation mirrors recent price action in other dollar-based currency pairs. Not only does the current resistance represent the key 0.6600 horizontal support/resistance region, it also represents a major long-term downtrend resistance line extending all the way back to March 2008. For more technical analysis on this currency pair, please click here for Friday’s (7/31/2009) Chart of the Day.
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