NZDUSD aligning Historical vs Now Moment sellers

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

2015-06-18_13-19-10

NZDUSD has a positive correlation to EURUSD and its rallying towards near term historical sellers. Given recent RBNZ governor’s comments and technical decline we can still assume that NZDUSD is bearish. Currently NZDUSD is following EURUSD strength and USDx weakness and current retracement ( loss of momentum ) could be countered around 0.6990-80. POC shows 4x time toptrend line, 78.6, Historical L3 and all that below a trend line which is holding the round number resistance ( 0.7000 ). The target could be 0.6910 which corresponds to L4 support and Higher Low trend line confluence.

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read the original article on AdmiralMarkets.com