Major Pair Action Bias: NZDUSD Turns Bullish While Other Majors Stay Neutral 
Morgan Stanley Names Marks & Spencer Top European Retail Pick, Sees Strong Upside 
FxWirePro: GBP/NZD downtrend loses steam, remains on bearish path 
FxWirePro- Woodies pivot (Major) 
FxWirePro:EUR/NZD downside pressure builds, key support level in focus 
Gold Loses Steam After Strong U.S. Retail Sales 
Bank of America Upgrades T-Mobile to Buy, Says LEO Satellite Fears Are Overdone 
FxWirePro: EUR/AUD recovers slightly from early decline but bears are not done yet 
FxWirePro: USD/CAD falls to one-month low, scope for further downside 
Morgan Stanley Says China’s Reusable Rocket Progress Poses Long-Term Challenge to SpaceX 
AUDJPY Bullish Momentum Ignites: Buy Dips Toward 115 Target 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Gold Pulls Back After Hitting $4,180 as Geopolitical Risk Sends Crude Higher 
NZDUSD downside risks persist near term, led by global risk sentiment, 0.6040 vulnerable. RBNZ today poses major event risk.
The pair forms double top pattern which is bearish in nature, with top 1 at 0.6176 and top 2 at 0.6155 levels, bears is most likely to extend minor downtrend upon double top pattern. While both leading and lagging indicators are in line with the prevailing downswings (refer daily chart).
The medium-term perspectives: Major trend remains at the mercy of global risk sentiment near term, with potential for upside during the next few weeks. Bears nudge below 21-EMAs & bulls restrained at pivot point, major downtrend resumes now. There’s potential to foresee 0.5800 level during the next few months.
Trade tips: At spot reference: 0.6020 levels (while articulating), contemplating above technical rationale we advocate one-touch put options using lower strikes at 0.5975 levels.
Alternatively, we recommend short hedges staying shorts in NZDUSD futures contracts of May’20 delivery with a view of arresting bearish risks in the major trend.
