New Zealand Dollar Technical Outlook

Published April 20th, 2009 - 06:26 GMT
Al Bawaba
Al Bawaba

There are 5 waves down from that .6090, indicating that the long term trend remains down.  An expanded flat correction has unfolded from the February 2 low (.4958).  Wave c is in 5 waves, RSI is divergent at the high and has rolled over from overbought territory on the daily.  MACD slope is negative but the indicator remains elevated on a relative basis, signaling that bearish potential is significant.