NZD/USD Technical Analysis: Bulls eye 0.6722 mean reversion target of CPI drop
|- NZD/USD is showing bullish divergence in daily Stochastics.
- However, there is tough looking resistance ahead where the prior trendline support meets the 38.2% Fibo and bearish 50 and 200 moving averages up ahead.
- To the downside, the 50% Fibo has been pierced which opens room to the closing low and opening low at the start of the year.
- For the meanwhile, the 21 Dec and 12 Nov support structure is being respected but 0.6722 is the 50% retracement for a mean reversion target of the CPI slide.
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