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Commodity Currencies Weekly Technicals 25 September 2013 |
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NZD/USD’s swift rally off its .7721 late August low has taken it to .8437 before it keeled over.
An top is thus in place and further short term weakness remains on the cards with the .8180 200 day moving average, 50%/38.2% retracement cluster of the April-to-June decline and the September rally as well as the August peak at .8164 being targeted.
Should it be slipped through, the .8107 July high and the next lower 50%/38.2% retracement cluster at .8079/63 could also be hit.
For now it is likely that the next lower 55 day moving average at .7994 will not be revisited for some time.
Any short term rallies should fizzle out ahead of the current September high at .8437. Should it unexpectedly be bettered, the 78.6% Fibonacci retracement at .8465 and the .8500 region will be targeted. This is not expected.
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