NZDUSD: Breakdown Delayed, Bias Still Bearish (Forex) NZDUSD has done little
NZDUSD: Breakdown Delayed, Bias Still Bearish
NZDUSD has done little since the weekly chart showed a bearish Evening Doji Star candlestick formation below resistance at 0.7640, the intersection of a horizontal barrier at the 2009 high and the top of a rising channel set from the swing bottom in May, suggesting a double top is in place. The bias remains bearish however and I will look for confirmation on a break below the channel bottom (now at 0.7306) to enter short, initially targeting the mid-May to early June swing bottom at 0.6683.
Ilya Spivak, Currency Strategist
Risk Sentiment Subdued In Asia
Risk sentiment was subdued this morning, with safe haven currencies strengthening throughout the Asian session. EURUSD traded 1.3876-1.3930 and USDJPY traded 80.67-81.02 (hitting an intraday low of 80.54). Asian equities were also trading in the red at the time of writing led by the Nikkei which was down -1.57% after
Technical Analysis for Major Currencies
The pair succeeded in activating the midday scenario yesterday and near 1.4000, currently fluctuating around pivotal support 1.3890, accompanied by stochastic entering oversold areas and alongside support provided by the MA 50 from the bottom. Therefore, we expect more bullish intraday movement as targets start at 1.4000 then 1.4085. Note
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FX Thoughts for the Day
Housing prices are still soft underbelly of the UK economy. Mortage approvals and mortage lending data out of UK adds credence to the belief. As expected, cable is being bid on the euro-cable crosses as both chart related selling as well as fundamental repositioning is helping the pair.
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