13th Jun - NZD/USD Pullback Finds 76.4% Support
13 June 2013
WEEKLY CHART:
The earlier breach of old key 76.4% resistance was short-lived, amounting to a kind of blow-off move.
Note on this chart a channel base projection at 0.7650. A break of this would be the next sign of failing upward momentum here.
DAILY CHART:
Weakness here has seen the market fall close to the 0.7740 76.4% retracement. It’s early days but there could be s/term support emerging around here (76.4% proved a good resistance level on the Weekly chart).
It is unclear how deep any rebound could be, but initial resistance should come from around the 0.8159 13-Mar low area.
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