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New Zealand Dollar Technical Outlook

Friday, 11 July 2008 17:10:17 GMT

Written by John Kicklighter, Currency Analyst

NZDUSD has returned to the same area that Jamie suggested would close the A-B-C formation of two weeks ago. Though with volatility already quickly receding, it does not look like his preferred extension to around 0.7680 will be reached today. While such a high may be found early next week, the presence of staggered resistance above will likely encourage congestion before a breakout to Jamie’s target is found.

STRATEGY: Bullish, against .7445, target .7720

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