New Zealand Dollar Technical Outlook

Published July 7th, 2009 - 06:09 GMT
Al Bawaba
Al Bawaba


The short term NZDUSD pattern is the same as the short term AUDUSD pattern.  The decline from .6555 is in 5 waves and 5 wave movements occur in the direction of the larger trend.  The bulk of the 3 wave countertrend rally is most likely complete.  There is potential resistance from Fibonacci at .6435.