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NZD/USD Classical 05.06

NZD/USD Classical 05.06

2010-05-06 07:21:00
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. 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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