FxWirePro: "Bearish Cypher" on NZD/USD dailies, go short on break below 0.69

• NZD/USD gives up some of the NPF led gains amid broad based US dollar rebound, and is trading just above the 0.69 handle.
   
• Thin trading on the back of a public holiday in New Zealand further seems to accentuate the down move.
   
• RBNZ’s meeting this week (which will be accompanied by a full Monetary Policy Statement) is a major event risk.
   
• On the technical side, we see a possible 'Bearish Cypher' pattern on NZD/USD daily charts.
   
• Pair is now taking a reversal from the 'Potential Reversal Zone: 0.6909 - 0.6973, but is holding above 0.69 handle.
   
• Break below could see test of 50-DMA at 0.6843.
   
• Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-edges-lower-from-session-highs-at-06813-momentum-higher-good-to-buy-dips-215551) has achieved all targets.
   
• Immediate focus now remains on speech to be delivered by Fed Chair Yellen later in the NA session today.
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Recommendation: Book full profits. Go short on decisive break below 0.69 handle, SL: 0.6960, TP: 0.6860/ 0.6845/ 0.68