Friday August 1, 2008 - 15:33:06 GMT
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Chart of the Day - 8/01/2008 - NZD/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 50-period simple moving average in light blue.)
8/01/2008 â€“ NZD/USD â€“ The long-term weekly chart of NZD/USD is showing a precise touch of uptrend support as of this writing. This support line is represented on the chart by the bottom green line. In addition, oscillators like the displayed Stochastics are indicating that price is currently on the border of oversold territory, suggesting a possible waning of downward momentum. In the event of a turn-up at or near this significant long-term support line, the next major resistance level to the upside resides around the 0.7380 region. In the event of a strong and clean breakdown of the line, on the other hand, significant support below the current uptrend line resides around the 0.7120 region.
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Chief Technical Analyst
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