WorldBestPortfolio.com has released our analysis for 19 May 2010. Please read this post for more on our take on today’s market.
NZDUSD
NZDUSD is currently trading at the bottom of the channel. Compounded by the support at the bottom of the channel, its also found support at 0.6850, a support that has kept the pair from dropping further down in February.
Should the support stand, we could see NZDUSD trade back up to the resistance at the top of the channel, or even find itself trading at 0.7300.
The pair has been falling for a week now, and a long trade here will be extremely countertrend. Ideally, we should see NZDUSD consolidate at this support for a few hours more before enter a trade long.
The alternate scenario here could see NZDUSD accelerate its drop, accelerating the gradient of the channel.
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