NZD/USD – Asian demand to extend temporarily -3cA
Our preference: as long as 0.6564 is support look for 0.6620.
Alternative scenario: below 0.6564, expect 0.6543 and 0.6531
This week’s signals have continued to point lower and these are so far being
confirmed with Monday posting a loss of almost ½ Big Fig. A 4 Big Fig sell-off since March’s
.6939 top has taken prices below their key daily average rates which is negative,
but it has also left intraday sentiment oversold and testing November’s .6513 base.
Buyers have returned to the market in Asia this morning, but although those gains are probably
corrective and temporary the outlook for Tuesday is very cautiously bullish and the call is to buy on the open and then at .6568,
yesterday’s low with a stop loss at .6525, last week’s base.
Targets are to .6599, this week’s opening trade, .6615, Friday’s top and .6647, last week’s high trade.