NZD USD Has Price Cluster at .7395 to .7398

NZD USD traders are setting aside the news that the Reserve Bank of New Zealand has decided to leave interest rates unchanged at 2.50% and is not likely to hike rates until after the middle of 2010.

NZD USD traders are setting aside the news that the Reserve Bank of New Zealand has decided to leave interest rates unchanged at 2.50% and is not likely to hike rates until after the middle of 2010. 

Traders instead have decided to focus on the renewed interest in higher yielding assets.  Today’s better than expected rise in U.S. Third Quarter GDP has triggered a sharp rally but this market still has to overtake a key price cluster at .7395 to .7398 before it will start to look bullish again.

Yesterday the main trend turned down on the daily chart which makes this current short-covering rally vulnerable to profit-taking or renewed selling pressure following at test of .7395 to .7398.

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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