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New Zealand Dollar Technical Outlook
Thursday, 04 June 2009 14:42:35 GMT  |  Jamie Saettele, Senior Currency Strategist
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New Zealand Dollar / US Dollar
06-03-09-Techs-05

The NZDUSD reversed at the point that the rally from .5484 equaled the .4890-.5987 rally (.6581).  This level is defended by the 50% retracement of the decline from .8220-.4890; at .6555.  I wrote yesterday that “the subdivisions are clear and I favor the idea that the NZDUSD has topped.”  The decline from the top (.66) is an impulse.  Expect a corrective advance back to .6400/50 before the resumption of the bear.

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