NZD/USD Weekly Technical Report 24-28/6/2013

The NZD/USD pair tumbled severely last week, forming a long bearish candlestick which backs the continuation of the downtrend throughout this week as well. The pair faces 78.6% correction at 0.7715 as an initial target – breaking that level will boost chances of the continuation of the downtrend.

**Trading range expected this week is between the key support at 0.7590 and the key resistance 0.7925.

**Short-term trend is downside targeting 0.7590 if 0.9725 remains intact.