- NZD/USD edges lower from session highs at 0.7043, intraday bias higher.
- Potential 'Bearish Cypher' pattern seen on daily charts.
- The pair is holding break above 20-DMA which is major support at 0.6973.
- We have see retrace of 23.6% Fib of 0.7485 to 0.6865 fall.
- 200-DMA at 0.7078 is next target for kiwi bulls. break above could see test of 38.2% Fib at 0.7102.
- We had advised a long call on the pair (http://www.econotimes.com/FxWirePro-NZD-USD-takes-out-070-Potential-Bearish-Cypher-scope-for-test-of-200-DMA-at-07077-474240).
Recommend holding for targets. Bullish invalidation on close below 20-DMA.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -28.7441(Neutral), while Hourly USD Spot Index was at -86.9449 (Bearish) at 0430 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
