The NZDUSD was under very strong pressures, and reached all of my downside targets which i mentioned in my earlier forecaste for the pair, see related link below.
Watch-out, the price is a key technical juncture:
-Retested the long term 200-days SMA
-Retested the main rising trend line for the overall bullish trend
-Formed a bullish hammer at this key support area
-0.8415 is a key horizontal support
The odds are in favor of a bullish rebound, and therefore I expecting a move higher, targeting 0.8530 as an initial target. Alternatively, if we break lower below 0.8415 i would reverse my view, and look for more strong bearish bias.
Good luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
Watch-out, the price is a key technical juncture:
-Retested the long term 200-days SMA
-Retested the main rising trend line for the overall bullish trend
-Formed a bullish hammer at this key support area
-0.8415 is a key horizontal support
The odds are in favor of a bullish rebound, and therefore I expecting a move higher, targeting 0.8530 as an initial target. Alternatively, if we break lower below 0.8415 i would reverse my view, and look for more strong bearish bias.
Good luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
