NZD trades 61.8% line of major up move. Risk Off Coming?
We reversed on Friday. Like AUD, it traded a 50% short level in NY morning session and sold off hard through there. In fact, it is a much more aggressive sell than AUDJPY or AUDUSD. Looking out over a longer time frame, you can see we traded right up the 61.8% line of the entire up move. Target for this downside is 0.61339.
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