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Commodity Currencies Weekly Technicals 21 August 2013 |
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Last week NZD/USD briefly over came the .8139 June peak but did not manage to make a daily close above it.
Therefore, even though a near three month high was made at .8164, we will retain our medium term bearish forecast while the currency pair remains below .8164.
Our medium term downside target 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 properly back on the map once the current August low at .7693 has been fallen through.
Immediate downside targets are the 61.8% Fibonacci retracement of the August rally at .7867, followed by the 78.6% retracement at .7786 and the June 11 low at .7760.
Minor resistance comes in around the 38.2% Fibonacci retracement at .7980 and significant resistance at the July and current August highs at .8107/64.
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