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NZD USD Downside Momentum Continues; Charts Indicate .6958 is Next
By: James Hyerczyk - 08-08-2008
0votesThe New Zealand Dollar continues to weaken.
Downside momentum picked up once again overnight as the market took out an old bottom at .7003.
Bad housing, high unemployment and low consumer confidence are leading traders to believe the Reserve Bank of New Zealand is likely lower rates again in 2008.
Reserve Governor Bollard is indicating that he sees room to cut further. The only signs of a short-term bottom will be regaining .7241 or the formation of a closing price reversal bottom.
Major Gann angle support at .6958 is likely to be tested today.
PATTERN
Main Trend: Down
Main Trend Top: .7761 (07-15-08)
Main Trend Bottom: .7003 (09-18-07)
PRICE
.7401 Gann Angle Down
.7241 .618 Retracement
.7150 Overnight High
.7149 Weekly Gann Angle Up
.7140 New York Close
.7003 Main Trend Bottom (09-18-07)
.6982 Overnight Low
.6958 Gann Angle Up
TIME
Aug 9 1-Year Anniversary Top
Attached Images
Next Analysis: USD CAD Targets 1.0798Content Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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