26th May 2011, 15:57
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Join Date: May 2011
Location: Moldova
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Chart Watch – NZD/USD has shot right through the .8000 resistance level...
- NZD/USD today shot right through the .8000/.8018 resistance area and came to within ticks of its early May high at .8122.
- This may well be briefly breached so that stop levels will be triggered but we expect the 2009-11 resistance line at .8161 to lead to rejection, however (see next page).
- Provided that no daily New York close above the current May peak at .8122 is being made, a retest and drop through the March-to-May support line at .7871 may still unfold in the days to come.
- We may thus see NZD/USD slip back towards the .7827 February high and the .7769/38 support area, made up of the 55 day moving average and the 38.2% Fibonacci retracement of the March-to-May advance.
- A daily close above .8161 will push the 61.8% Fibonacci extension at .8253 to the forefront. Above it lies the .8500.
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