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The Forex Pattern Price Time Report - NZD USD - Evening Session

By:   James Hyerczyk
  • 21-08-2008
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The New Zealand Dollar continued to work higher, driven by the strength in the commodity markets and some flight to quality buying.  

This market is nearing resistance at .7241.  

Depending on the momentum as it approaches this area, there may be some profit-taking.  

If sellers do not come in to stop the rally, then look for a continuation to .7292.  

A Gann Angle at .7201 controls the direction today, over it the market is strong, under it, this market may weaken.

Some traders believe the stronger commodity markets may help the New Zealand economy recover from the recession and reduce the chances of another interest rate cut by the Reserve Bank of New Zealand.

PATTERN

Main Trend:  Down
Main Trend Top:  .7761 (07-15-08)
Main Trend Bottom:  .6823 (08-13-08)

PRICE

.7403          .618 Retracement
.7292          50% Retracement
.7241          Gann Angle Down

.7205             New York Close

.7201          Gann Angle Down
.7103          Gann Angle Up
.6963          Gann Angle Up
.6883          Gann Angle Up
.6823          Main Trend Bottom (08-13-08)


TIME

Aug 15         90-Day Cycle
Aug 17        1-Year Anniversary

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Content 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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