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James Chen
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John Wiley &... More
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Essentials of Foreign Exchange Trading
  • Chart of the Day - 8/13/2009 – NZD/USD 0 comments
    Aug 13, 2009 11:45 AM

    (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

    8/13/2009 – NZD/USD – Price action on NZD/USD, a daily chart of which is shown, after having broken out above a confluence of resistance early last week (that included the key 0.6600 resistance level and a long-term downtrend resistance line extending from the March 2008 highs), hit a high just above 0.6800, pulled back to re-test the 0.6600 new support level, and has currently recovered to re-test the 0.6800 resistance level once again. This appears to be a classic pullback after breakout that could signal a resumption of the current prevailing uptrend if price is able to breakout significantly above the 0.6815 uptrend high, which represents a 10-month high for the pair. In this event, further upside resistance resides in the 0.6950 price region. In the event of another downside pullback move, the 0.6600 level should continue to provide support for the pair.

    James Chen, CMT
    Chief Technical Strategist
    FX Solutions

    IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

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