WorldBestPortfolio.com has released our analysis for 17 May 2010. Please read this post for more on our take on today’s market.

NZDUSD

NZDUSD has fallen down to the number resistance of 0.7000. This level has shown resistance for the last few months, dating back to September 2009.


Looking into the shorter time frame, we can see NZDUSD consolidating around the 0.7000 level.

The likely scenario here will be the support of 0.7000 pushing price back up to the resistance.

This price action is supported by the positive swap nature of NZDUSD.

The unlikely scenario here will be the pair breaking below 0.7000, however it will run into another support at 0.6800, hence an even more unlikely scenario.

We’ll like to caution traders from taking a buy position into AUDUSD and NZDUSD at the same time. The 2 currency pairs are highly correlated and the risk factor for a concurrent trade should be considered as 1.

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