Commodity Currencies Weekly Technicals 24 July 2013

NZD/USD – Daily Chart

Looking for the correction higher to terminate shortly.

NZD/USD’s recovery from .7683 in late June is viewed as corrective only and is expected to terminate shortly ahead of the 38.2% retracement of the move down from the April high. This is located at .8083.
We look for the market to fail shortly and resume its down move.
We will retain our medium termbearish forecast while the currency pair stays below its .8139 June peak and the 200 day ma at .8232.
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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