Weekly
Last candlesticks patterns: Doji formation time: 23 May 2010 trend bias: upDaily
Last candlesticks patterns: Evening star time formation: 4 nov 2010 trend bias: upNZD/USD – 0.7798
Although kiwi declined cards to 0.7406, renewed interest in buying it, and the pair joined suggested that a high level of 0.6136 (exceeded the target of 0 specified upside. 7783) last week, but the small bodies candlestick formation on Friday along with the subsequent black candlesticks proposes a possible "evening star" pattern is formed and consolidation with mild downside bias seen for correcting Tenkan-sen (now at 0.7723) and then the Kijun-sen (now at 0. c(2008) 7667), but count the disadvantage would be limited to 0.7550 and said support at 0.7406 should remain intact, take another upmove later.
On the upside and expect recovery limited to 0.7850/60 and driving such a retreat to the downside case. only above 0.6136 would extend upmove to psychological resistance at 0.8000, a daily close above which would gain further rise to 0.8100 but previous resistance at 0.8214 should keep this fly patch later.
Recommendation: enable card recovery at 0.7860 for 0.7700 stop above 0.7576
In the weekly chart even if kiwi surged in line with our bullish expectations and reached out to upside target of 0.7986 (100% projection of 0.6561 to 0.7397 measurement from 0.6947) and 0.7923, prices have retreated from 0.6136, indicates the 1-2 weeks of consolidation would take place and retracement to 0.7700 is likely, but the disadvantage should be limited to 0.7635 and count Tenkan-sen (now at 0.7595) would attract renewed buying interest and raise another upmove later.
On the upside and above resistance at 0.6136 put test of psychological resistance at 0.8000 and possibly against the preceding graph resistance at 0.8214 but count 0.8254 (61,8% projection of 0.4895 to 0.7635 measurement from 0.6561) would limit the upside and 0.8300 (1618 times projection of 0.6561-7397 measurement from 0.6947) would keep away.
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