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In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. Here are the key levels that matter on the weekly charts for the NZD/USD, GBP/USD and EUR/NZD. Review this week’s Strategy Webinar[1] for an in-depth breakdown of these setups and more.

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NZD/USD Weekly Price Chart

NZD/USD Price Chart - Weekly Timeframe

Notes: Last month we noted that the New Zealand Dollar[3] had,continued to consolidate below the January highs at 7436 with the 200-week moving average catching the closes on the downside over the past few months. I’m looking for a resolution to this key price range over the coming weeks with key support (bullish invalidation) eyed at 7094-7140.”

Price registered a low 7153 before turning higher with the advance now eyeing range resistance at 7390 (yearly high-close) and 7437 (yearly high)- note that the upper median-line parallel of the descending pitchfork (blue) AND the objective yearly opening-range[4] high converge on this zone and weekly breach/ close would be needed to validate a larger breakout in Kiwi.

Bottom Line: Price is approaching confluence down-trend resistance and the yearly range highs- Look for a reaction at this level with the immediate long-bias at risk while below. Key support remains at the 2015 slope support which converges on the 52 & 200-week moving averages at 7170/90.

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GBP/USD Weekly Price Chart

GBP/USD Price Chart - Weekly Timeframe

Notes:

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The Logo Story

currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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