NZDUSD 0.6525: bearish – Tests 3-month falling channel support
NZDUSD slumped to a new 6-year low at .6497 Thursday (July 16, 2015), testing a 3-month falling channel (as shown on the 240minute chart). While the .6667/.6741/.6770 zone near the channel resistance continues to cap bounces, scope remains for further downside to expose the .6388 area (the 61.8% retracement of the .4890/.8835 2009/2014 upswing). However, if NZD bulls mange to reclaim the .6770 area, further gains towards .6881/6923 (June 25/29, 2015 highs) would be expected.
Outlook:
Short term: bearish
Long term: bearish
Outlook:
Short term: bearish
Long term: bearish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.