Talking Points
Turn window forward in NZD/USD
Important support levels nearby .8400
Unfamiliar with Gann Square Root Relationships? Learn some-more about them HERE.
NZD/USD has been underneath solid vigour given peaking out during a commencement of a month nearby critical Gann insurgency during .8770 (8th block base attribute of a year-to-date low). On Wednesday a sell rate finally sealed subsequent a late Apr .8515 low triggering a double tip form settlement on a daily charts. According to classical technical research this is a time to sell. Cyclical research paints a opposite picture, however, as a subsequent few days demeanour utterly critical for a sell rate from a timing perspective. From where we mount a rate indeed looks utterly exposed to a short-term annulment that during a smallest should give improved levels to sell subsequent month if not prompt a full on resumption higher. New trend lows in a Kiw after early subsequent week would stop this near-term certain outlook.
To accept other reports from this author around e-mail, pointer adult to Kristian’s e-mail placement list around this link.
NZD/USD Chart: May 29, 2014
Charts Created regulating Marketscope – Prepared by Kristian Kerr
Key Event Risk Early Next Week:
LEVELS TO WATCH
Resistance: .8505 (Gann), .8560 (Gann)
Support: .8415 (Fibonacci), .8470 (Gann)
Strategy: Buy NZD/USD Next Week
Entry: Buy NZD/USD subsequent week during .8415
Stop: 1-day tighten subsequent .8370
Target: .8560
— Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
To hit Kristian, e-mail kkerr@fxcm.com. Follow me on Twitter at@KKerrFX.
Article source
Related Posts:
Trend to Resume in a Pound?
Big Low in USD/CAD?
Analysis: Looking for Some Sort of Reversal in Crude Next…
Just How Big of A Deal is This Recent EUR/USD Decline?
USD/CHF Headed Higher?