NZD/USD Weekly Technical Report 8-12/7/2013
ecPulse
2013-07-08 08:33AM UTC
The pair is facing difficulties in stabilizing below 0.7715 represented in 78.6% of the ascending channel that started from 0.7454 and ended at top 0.8678. Trading within the descending channel forces us to hold on to our general negative expectations, pointing out that trading below 0.7925 will be considered negative this week.
The trading range for this week might be among key support at 0.7525 and key resistance at 0.7925.
The general short-term trend is expected to the downside with daily closing below 0.8065 targeting 0.7455.
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