Daily Forex Update: NZD/USD

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Jul 11, 2013 dima7777 (0)

By: Dima Chernovolov

This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.

 

NZD/USD recently broke up above the resistance trendline of the daily Falling Wedge chart pattern identified by Autochartist – as you can see on the following trade opportunity alert for this currency pair. The pair is expected to rise to the target level 0.8195 in the next 4 trading days. Autochartist sets the stop-loss for this forecast at 0.77 (point A on the chart below). This point formed recently when the pair corrected up from the precise level of the 50% Fibonacci Retracement of the preceding weekly upward price impulse from May of 2010, intersecting with the upward-sloping support trendline from November of 2011. The pair is in the process of creating the weekly double-Doji Morning Star Japanese candlestick pattern. NZD/USD has to break above the resistance at 0.8138 (point B) to reach the target level 0.8195 in the next 4 trading days.

 20130712dailyfximage1The following weekly NZD/USD chart highlights the aforementioned support levels:

20130712dailyfximage2

 

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