NZD/USD
- 4H: The setup from Friday is about complete, as the NZD/USD tests the short-term consolidation support at 0.7030-0.7050. (Refer to Weekly Technical Update 12.18.2009) If the market bounces from here, it will break the short-term trendline. If it breaks above 0.7135, then a retest of 0.7300-0.7350 is possible.
- If the market breaks below 0.7030, we will have to consider an intermediate decline. The daily time-frame below shows a possible target for this intermediate decline.
- Daily: A short intermediate-term support however would be above, at the 0.6750 area, or 61.8% retracement.
- The 0.6500 area is 78.6% retracement and level of consolidation between June and July may be a second more aggressive target in the longer intermediate-term.
Fan Yang
Currency Analyst
Commodity Trading Advisor
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