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NZD/USD Classical 05.17

NZD/USD Classical 05.17

2010-05-17 05:27:00
Joel Kruger, Technical Strategist
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NZD/USD: While some might argue that despite the latest pullbacks, the market is still locked in a bull channel off of the 2010 lows, we contend that the channel is on the verge of being broken, with additional declines seen over the coming weeks. However, the 200-Day SMA, which has been supporting much of the uptrend this year, needs to be convincingly broken to confirm our bias and accelerate declines. While we have seen a one day close below the longer-term SMA a number of times this year, a two-day close below the 200-Day SMA will be required to trigger the shift in structure, and a close below 0.7120 on Monday will achieve this goal. In the interim, look for intraday rallies to be well capped ahead of 0.7100. 

 

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

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