NZDJPY Turnaround?

by Ashraf Laidi

Apr 13, 2009 14:56

NZDJPY shows signs of ending its 9-week rally as it fails to close above the 59 figure, which is the 38% retracement of the decline from the high of May 2008 to the low of Jan 2009. Risks of a retreat in global indices on a flurry of earnings from US financials could provide the fundamental catalyst to the technical failure. As European bourses return to work on Tuesday, the threat of profit-taking may trigger sell-orders in high yielding FX pairs. Interim target stands at 57.00, followed by 56.10. Resistance stands at the 59.00.

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