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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
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