Chart of the Week June 21st
NZDUSD – Cleared Final Hurdle?
After taking out the 61.8% fib of the .7322 – .6561 downmove at .7033, the pair might have taken out the last hurdle to return to the yearly highs. Whether it is or not on its way there, the pair has looked most impressive against the USD.
It has closed up 7 of its last 8 weeks which is incredibly strong and has not even been able to touch the 20ema showing some serious strength in it. On top of that, the angle at which its been climbing is nothing short of impressive. The one note of caution is the long wick from last week. This could be the coup-de-grace for the pair and has often been the price action formation for many reversals. However, if the pair does continue its climb, expect .7250 to be its next upside target and then .7300. Weekly closes above this level target .7400 and .7630 (09′ high).
Pullbacks to the 20ema could be great opportunities as well should it be so kind and do so in a corrective manner.
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