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Commodity Currencies Weekly Technicals 07 August 2013 |
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A couple of days ago NZD/USD hammered out a bottom at .7693 and has since then risen to the 55 day moving average at .7918 which caps at present.
We expect it to soon give way, however, and for the .7970 July 11 high and the May 23 .8006 low to be targeted.
The next higher .8107/21 resistance area, made up of the July high and the five month resistance line, is expected to cap, if reached at all that is.
We will retain our medium term bearish forecast while the currency pair stays below its .8139 June peak.
Our medium term downside tar get zone is still made up of the .7456/.7371 May 2012 low and November 2011 low. These remain our downside targets for the months to come but will only be back on the map once this week’s low at .7693 has been fallen through.
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