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The Forex Pattern Price Time Report - NZD USD - Evening Session

Published 08/16/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

The New Zealand Dollar posted a closing price reversal up on the weekly charts which a strong sign a bottom has been reached.

This pair has to confirm this reversal bottom next week, however, to validate the signal.  A trade through .7078 will confirm the reversal.

The charts indicate there is room to the upside with a resistance cluster at .7281 to.7292 the main target.

This low this week was .6823, the same bottom as September 10, 2007.  

This means that the market has retraced almost 100% of the rally since August 2007.  

Fundamentally, the longer-term fundamentals are still bearish as the weak economy and high unemployment is indicating an interest rate cut before the end of the year.

PATTERN

Main Trend:  Down
Main Trend Top:  .7761 (07-15-08)
Main Trend Bottom:  .6823 (08-13-08)

PRICE

.7403          .618 Retracement
.7292          50% Retracement
.7281          Gann Angle Down

.7064             New York Close

.6943          Gann Angle Up
.6883          Gann Angle Up
.6853          Gann Angle Up
.6823          Main Trend Bottom (08-13-08)
.6799          .618 Retracement
.6639          Main Trend Bottom (08-17-07)

TIME

Aug 15         90-Day Cycle
Aug 17        1-Year Anniversary

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