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NZD/USD Forex Bears Begin to Stir

Currencies / Forex Trading Feb 25, 2011 - 05:52 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleAfter a good recovery last year, which still fell short of the major 2008 peak, the chart turned indecisive. One or two clues are appearing that suggest a period of weakness could now be seen.


The FX Specialist view

 WEEKLY CHART

In the FX Specialist Guide we have been noting the rising support line that was running through the 0.7500 area.

A weak close on the week would see an initial break of this, when downside focus would turn to the 23.6% 0.7248 pullback level for potential support (but also see Daily chart).

DAILY CHART:

Good resistance had previously emerged from around the 0.7835 22-Nov high (near to a 76.4% bounce level, not shown).

The drop back from this has now seen a violation of the 0.7521 21-Jan low which provides a s/term negative sign. The 0.7329 16-Dec low could provide support, but more interesting could be the bear channel base projection just above 0.7200 now. Currently, s/term rallies should prove temporary.

Mark Sturdy
John Lewis

Seven Days Ahead
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© 2011 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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