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New Zealand Dollar Technical Outlook New Zealand Dollar Technical Outlook
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Old 06-05-2008, 11:50 AM
DailyFx's Avatar
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Default New Zealand Dollar Technical Outlook
From a price structure point of view, the decline since the March top at .8215 has been choppy and corrective.


The drop counts well as a double flat (this is a complex correction). Moreover, the legs of the decline are roughly equal (a common characteristic among corrections). The leg up from .7536 is the closest thing to an impulse that the NZDUSD has shown since the March top. As such, a bullish bias is warranted against .7536 and the target is above .8215. This morning’s plummet may be wave C within the A-B-C decline from .7921.
STRATEGY: Bullish, against .7536, target above .8215
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