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USD Trading Outlook (28-07-2015)

Medium Term Strategy: Forex Pair of the day
NZD/USD – further weakness
The pair remains in a long-term down trend. The declining 20-day moving average is actively capping the pair and is offering strong resistance. The daily RSI just escaped the oversold area and stands below its neutrality area. As a consequence, further weakness is expected with 0.62 as a first target (2009 overlap area) and 0.5840 in extension. A third target is set at April 2009 bottom at 0.55. Only a break above the strong horizontal resistance and overlap at 0.72 would invalidate this scenario and allow a limited recovery towards the overlap at 0.7570 and even April top at 0.7750.
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