Sunday October 18, 2015 - 23:07:24 GMT
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Max McKegg's NZDUSD Overview
Since peaking at .8835 in November of last year, the Kiwi has sold-off in a 3-Wave corrective Zigzag structure (refer Weekly Chart below). Characteristically, within this Zigzag correction, Waves a & c are roughly the same length and Wave b approximates Fibonacci 38.2% of Wave a. Also, on the late September low of .6235, the Kiwi has retraced approximately
Fibonacci 61.8% of the prior Bull market (extending from .4890 - .8835).
Having recorded a major Bottom at .6235, despite the Kiwi having already rallied to the .6900 level last week, there remains significant recovery potential in the weeks and months ahead.
The first Key Chart and Mathematical resistance to be tested lies at the .7180/.7230 area (refer Weekly Chart). However, after the appropriate reaction (to “digest” the very strong advance of recent weeks) the Kiwi can be anticipated to extend its recovery over the coming months toward the more significant Chart and Mathematical resistance, situated at .7745/.7840 (see Weekly Chart).
Navigating the shorter term moves along the way will (as usual) be the focus of my Daily FX Forecasts.
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Disclaimer: Max McKegg & Technical Research Ltd accept no liability whatsoever for any loss or damage that maybresult, directly or indirectly, from any forecast, comment or opinion, information or omission, whether negligent orbotherwise, within this report.
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