NEW ZEALAND DOLLAR / US DOLLAR

Classical Outlook: Has just managed to squeak out a fresh 2009 high by 0.6640, with the market successfully putting in yet another weekly higher low and higher high. The key level to watch above comes in by the 200-Week SMA at 0.6730, but we would also expect this level to provide a solid cap on additional gains. It is worth noting that the market has recently failed directly by critical former support from August 2007 at 0.6640 which could be warning of a near-term top. Elliott Wave Outlook: The NZDUSD is in a similar position. Expect additional strength over the next several weeks to complete the rally from below .50. .6950 (pivot high from September 2008) is potential resistance.