NZD/USD Weekly Technical Report 3-7/6/2013

The NZD/USD plunged after confirming its position below 0.8065 earlier. However, it hasn't yet been able to touch 61.8% correction, shown on the graph above therefore, a potential extension of the downtrend is likely this week. Still, a major game changer is the Risk/Reward Ration that is disadvantageous in the current state, compelling us to assume a neutral stance althought we expect the general downtrend is still standing. Note that stability below 61.8% correction at 0.7920 will trigger a powerful bearish wave.

**Trading range expected this week is between the key support at 0.7715 and the key resistance 0.8200.

**Short-term trend is downside targeting 0.7715 if 0.8400 remains intact.