NZD USD Finds Support at 50% Price

The NZD USD is trading better after yesteday’s huge sell-off.  Some of the overnight rally is because of short-term oversold conditions.  Others are buying on speculation the U.S. GDP Report will come out better than expected and reignite trader appetite for risky assets.

The NZD USD is trading better after yesteday’s huge sell-off.  Some of the overnight rally is because of short-term oversold conditions.  Others are buying on speculation the U.S. GDP Report will come out better than expected and reignite trader appetite for risky assets.

The current main range is .6683 to .7835 with a retracement zone at .7159 to .7047.  Last night the market stopped at .7161 before turning back up. 

The short-term range is .7635 to .7161.  This sets up a possible retracement back to .7398 to .7454.  Downtrending Gann angle resistance is at .7395.  This makes .7395 to .7398 an important resistance cluster if tested.

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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