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New Zealand Dollar Technical Outlook

Tuesday, 26 August 2008 14:10:04 GMT

Written by Jamie Saettele, Senior Currency Strategist

Kiwi has followed the path we set out.  “The rally from .6824 is likely wave A of an A-B-C correction. 

Wave A took the form of a diagonal (leading).  The next move should be lower in a B wave to at least .7038 and perhaps the 61.8% at .6973.”  We get the drop to the 78.6% and the NZDUSD should be headed higher in a C wave that ends above .7215.

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