04th Jul - Short term NZD/USD Recovery Nears Strong Resistance
04 July 2012
WEEKLY CHART:
The 0.7330 38.2% retracement provided earlier support. The recent pullback held above this, and it remains key to a better bear phase.
DAILY CHART:
Recovery here has brought current prices back to the old Mar/Apr congestion area, above the 0.8054 22-Mar low. This is largely contained within the 61.8%/76.4% retracements. Further resistance comes from the channel top at 0.8250 currently.
All this should provide a tough hurdle to overcome, and we stay on the lookout for a possible turnaround near here.
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