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NZDUSD Technicals for July 16th

NZDUSD Technicals for July 16th

2010-07-16 15:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-16-NZD

After 9 consecutive up days, the NZDUSD has plunged over 2%. The current level, the 200 day SMA, may be support. Additional weakness would encounter support at 6980. The recent top did occur extremely close to the top of a corrective channel, so it is possible that a more important top is in place.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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