The Forex Pattern, Price & Time Report – NZD USD – Mid-Session

NZD USD support is clustered at .6211 to .6122.  Breaking through this level will be a sign of weakness and turn the Main Trend to down.

After stopping at a major 50% price at .6553, the NZD USD now seems poised to break through the last Swing Bottom at .6151.  This move will turn the Main Trend to down on the daily chart and could trigger a correction back to .5741.

The first minor downside target is .6211 to .6122.  The first leg down from the top at .6590 stopped in this zone to form a Main Bottom.  This why .6151 is such an important number to break. It is sittiing inside this zone.

Breaking through retracement levels and a swing bottom will be a sign of weakness and indicate lower prices to follow.

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