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Commodity Currencies Weekly Technicals 10 July 2013 |
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Is still trying to recover from its June low at .7683 but remains medium term bearish
NZD/USD formed a major top over the past few months but is still trying to level out around the 200 week moving average at .7778, having dropped to .7683 in late June and to .7687 last week.
Since the currency pair stayed above the .7683 low, our anticipated bounce back to the two month resistance line at .7878 has now taken place. Around this resistance line it may struggle again, however.
Should this not be the case, the minor psychological .8000 region may also be revisited before NZD//USD struggles.
We will retain our medium term bearish forecast while NZD/USD stays below its .8139 June peak.
Our medium term downside target zone is made up of the .7456/.7371 May 2012 low and November 2011 low. These remain our downside targets for the months to come.
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