Commodity Currencies Weekly Technicals 17 July 2013

NZD/USD – Daily Chart

Is still trying to gradually recover from its June low at .7683 but remains medium term bearish

NZD/USD formed a major top over the past few months but is still trying to level out around the 200 week moving average at .7785, having dropped to .7683 in late June and to .7687 in early July.
Further range trading between these lows and last week’s .7970 high looks to be likely for the week to come.
Should this not be the case, the minor psychological .8000 region and the 55 day moving average at .8012 may also be revisited before NZD/USD struggles once again.
We will retain our medium term bearish forecast while the currency pair stays below its .8139 June peak.
Our medium term downside target zone is made up of the .7456/.7371 May 2012 low and November 2011 low. These remain our downside targets for the months to come.
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