NZD/USD Trend Turns Hourly Trend Down

The NZD/USD turned the main trend down on the hourly chart overnight.The main top is .61120. A secondary lower top was created at .61074.

The NZD/USD turned the main trend down on the hourly chart overnight. The main top is .61120. A secondary lower top was created at .61074.

Now that the trend has turned down, the next downside target is a retracement zone target at .59721 to .59390.

Look for retracements on the hourly chart to sell.

The change in trend to down on the hourly chart and the developing weakness is indicative of a trader shift in sentiment.  Selling pressure could build throughout the day if investors become risk averse. 

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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