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NZDUSD Downside Correction Risk

Posted by on in FX Chart Updates
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NZDUSD Downside Correction Risk

We see downside risk Friday after a notable setback on Thursday as we had anticipated after the Wednesday Shooting Star and Monday Bearish Engulfing candlestick patterns back from .7738/40.

However, the strong rebound last week through the critical recovery high from March at .7697 confirmed the previous Double Bottom for a stronger recovery phase into late April. 

For Today:

We see a downside bias for .7534 and .7517; break here aims for .7483.

But above .7605 opens risk up to .7640, maybe .7687 , which we would look to try to cap.

Short/ Intermediate-term Outlook - Upside Risks:

Bigger picture, we see a more positive tone with the bullish threat to .7851.

Above here targets .7890 and maybe .7975/77.

What Changes This? Below .7483 eases bull risks; through .7422 signals a neutral tone, only shifting negative below .7391.

A taster of the report above. To view the full NZDUSD report (published Thursday evening, UK time) with screencasts, levels and more, click here
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here


2 Hour NZDUSD Chart



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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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