4 Nov 2015

NZD/USD TRADING AT CRITICAL SUPPORT

NZD/USD DAILY

The rate is currently testing the support level at 0.6620. This level was previously considered as a falling wedge/possible bull flag lower boundary, however the recent Kiwi weakness all over the board indicates this may be a topping pattern instead.

I am looking for a downside break of this level to target the yearly lows around 0.6250, however a strong rejection of this level would indicate further trading within the existing range and a probable move towards 0.6775.

A break above the the upper boundary of this consolidation pattern should take the rate up to test the major psychological level at 0.7000, but only a daily close above that would invalidate my overall bearish bias for the pair.


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