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NZD/USD Classical 05.05

NZD/USD Classical 05.05

2010-05-05 06:18:00
Joel Kruger, Technical Strategist
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NZD/USD: The latest break back above 0.7200 is somewhat concerning, with the market ending a bout of consolidation and inching closer to some key highs in the 0.7500’s. However, despite the surge, we continue to retain a bearish bias and still see the risks for some major declines over the medium-term. The 78.6% fib retracement off of the 2010 high-lows comes in by 0.7300 and gains have stalled out just above this level to help reaffirm our downside bias. Tuesday’s break back below Monday’s low also helps to confirm negative outlook, with a series of consecutive daily higher lows now broken. The 200-Day SMA, now by 0.7100, has been quite supportive and we look for a close below this level to accelerate declines. Only back above 0.7325 negates and gives reason for pause.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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