NZDUSD bearish bias through month-end
- We stated in our last report that “the threat into midweek is for a still more negative theme to test .8505/002.
- A bullish failure Tuesday back from the .8595/ 9505 former support, now resistance reinforced the previous break last week of the May neckline and .8595 prop.
- The plunge Wednesday below .8500 completes a better top (Double Headed Head & Shoulders?) for a more bearish theme into late May and early June.
- We now see risk to chart and retrace levels at .8435/30 and .8415.
- Overshoot threat next week is to .8330.
WHAT CHANGES THIS?
- Above .8580 eases bear risks; through .8595 signals a neutral tone, only shifting positive above .8695.