NZD/USD has
been testing the support at 0.6450 for almost 24 hours now. It bounced off of
that level at first but as you can see from the screenshot of the four-hour
time frame, the doji candlestick was a clear enough indication that the pair
will attempt to test it again. If NZD/USD fails to break below that level it
will probably move to the upside until it reaches the resistance at 0.6500,
however, should it manage to break below the support next target would be
0.6400. The weekly time frame indicates that the long-term target is around
0.6280 and so far the bearish trend is still perfectly valid.
The expectations for increased levels of inflation in the last quarter of the year supported the depreciation of the NZD.
ReplyDeleteI will keep eye on the pair, thanks for the analysis.
ReplyDelete