NZD USD Trading On Bullish Side of Retracement Zone

Lower global equity markets as well as nervousness over U.S. housingreports and earnings reports from Bank of America and Citigroup laterthis morning is helping to put downside pressure on the NZD USDovernight.

Daily Analysis

Lower global equity markets as well as nervousness over U.S. housing reports and earnings reports from Bank of America and Citigroup later this morning is helping to put downside pressure on the NZD USD overnight.

Although it is trading lower, the NZD USD is still trading on the bullish side of a retracement zone at .6370 to .6422. The main trend is up but this currency pair is still fighting resistance at .6549 and .6590.

The first sign of weakness will be a breakdown under .6422. Look for an acceleration to the downside if this market cannot hold .6370.

Daily 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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