NZD/USD Technical Forecast 11th June 2010, 09.45hrs GMT (1st posting)
The NZD/USD pair had a good week following the AUD/USD pair.
Fore some traders the NZD/USD pair follows the evolvement of S&P 500
index therefore they act accordingly.
From the above chart we observe the movement of the parity for the last few days
creating a support and resistance level at around 0,65 and 0,69 accordingly.
We also define the descending red channel as presented in the above chart.
Another element to note is the evolvement of the 50SMA after its downward
crossing of the 200SMA. In case the trajectory of the 50SMA will act in the near
future as resistance for the evolvement of the pair's parity, we will surely observe
a significant drop below the level of 0,65.
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