| Sep 2 2010, 22:06:37 GMT | Sydney: | 08:06 | Tokyo: | 07:06 | Barcelona: | 00:06 | London: | 23:06 | New York: | 18:06 | San Francisco: | 15:06 |
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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
Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of
leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider
your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some
or all of your initial investment and therefore should not invest money that you cannot afford to lose. You should be aware of
all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
