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

Downside pressure was on the NZD USD throughout the day before buyersstepped in and forced a slightly higher close. Although this market hasa double-top forming at .6590 and .6549, this pattern will not beconfirmed until .6151 is violated. In the meantime this pair hasproduced a series of higher tops and higher bottoms inside of thisrange.

Mid Session Analysis

Downside pressure was on the NZD USD throughout the day before buyers stepped in and forced a slightly higher close. Although this market has a double-top forming at .6590 and .6549, this pattern will not be confirmed until .6151 is violated. In the meantime this pair has produced a series of higher tops and higher bottoms inside of this range.

In addition to the series of higher bottoms, support is being provided at a retracement level at .6211 to .6122.

The chart pattern currently suggests the rally from March has lost upside momentum. It also shows much room to the downside. Should serious weakness develop, this market could trade all the way down .5741. Weaker global equity markets could be the trigger for the start of a break.

Mid Session Chart

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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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