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NZDUSD Bear Risk through Key .8402 Low

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NZDUSD Bear Risk through Key .8402 Low

NZDUSD bearish extension threat intact

·         As expected, a new cycle low through .8422, just holding above the key .8402 level, still capped by the trend line from July at .8460 and solid chart resistances at .8495 and .8535

·         We still see bias for further downside pressures this week, with risk through the key June swing low at .8402 for a bigger topping structure.

·         This would then aim at the 61.8% retrace of the 2014 up move at .8350 and chart supports at .8280 and .8240.

WHAT CHANGES THIS?

·         .Above .8535 eases bear risks; through .8600 signals a neutral tone, only shifting positive above .8710.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/NZDUSD.pdf

4 Hour NZDUSD Chart

b2ap3_thumbnail_NZDUSD1.png

Daily NZDUSD Chart

b2ap3_thumbnail_NZDUSD2.png

 

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Tagged in: Bearish Forex FX NZD NZDUSD

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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