JAHResearch's Commentaries

Long NZD USD Getting Ready to Take Profits

by JAHResearch on Jun 15, 2009

With demand for higher risk assets declining, look for the break in NZD USD to begin to accelerate to the down side. This pair has had a spectacular run on very poor fundamentals. Longs may begin to sell out and take profits as many feel this market is way overbought.

Look for the bears to have a challenge between .6211 and .6122. The Main Trend turns down on a trade through .6151. This is the acceleration point where sell stops are likely to be hidden. Changing the trend to down will set up a further decline to the next major percentage retracement zone at .5741 to .5541.

Tags:
new-zealand-dollar

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