Forex News Blog
Back to The Headlines
Thursday May 20, 2010 - 06:24:09 GMT
Share This Story
Imperial FX Online - www.imperialfxonline.com
ImperialFXonline: Technical Analysis Report - NZD/USDC-leg of correction from 0.7635 under way
www.imperialFXonline.comThe kiwi fell through the weekly chart support at 0.6808 and while this confirms that the corrective move from the 2009 top of 0.7635 has resumed, the very impulsive nature of that latest selloff from 0.7326 suggests the decline from 0.7635 be labelled as an A-B-C move with the A and B waves terminating at 0.6808 and 0.7326 respectively. Yesterday saw the nzd tumble to as low as 0.6660, which coincides with fibonacci extension levels at 0.6657 and 0.6666, which means that minor consolidation is likely in the near term before another move lower, below 0.6660 would target the projected objective at 0.6499.
On the upside, a resistance is found at 0.6965 but a sustained move back above 0.7010 is needed to alleviate some of the downward pressure and lead to a rebound to 0.7100/10 with the resistance area of 0.7298-0.7326 likely to cap any bounces from here.
The impulsive rally from last yearâ€™s low at 0.4895 has been capped at 0.7635, this level looks to represent the end of the third wave and a fourth correction is in progress and under this scenario, half retracement of the upmove from 0.4895-0.7635 falls at 0.6265 and the wave 1 top at 0.5981 must hold for another leg up. Below 0.5981 would put the bearishness of this count into question and suggest instead that the rise from 0.4895 is over, lead to a resumption of the downtrend from the 2008 high of 0.8214.
A bullish picture for the New Zealand dollar is revived on a break above the resistance at 0.7326, as this would be followed by a re-test of 0.7635 and the resumption of the long-term rise from 2000 low of 0.3905 would call for eventual re-visit of 0.8214 via 0.7920/30.Join Us and Strategize Your
FX Trading!www.imperialFXonline.comDisclaimer: Imperial
Forex has taken reasonable measures to ensure the accuracy of the
information of this article, however, does not guarantee its accuracy,
completeness and timeliness, and will not accept liability for any loss
or damage which may arise directly or indirectly from the content.
Imperial Forex will not accept any liability for loss or damage as a
result of reliance on the information contained within this article or
on its website including data, quotes, charts and buy/sell signals.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.