Steve Miley, MSTA
MarketChartist
NZDUSD positive tone to range theme
We have stated in our client reports all week that “we look for a boarder range theme of .8500 and .8695 this week and into Tuesday and midweek between .8550 and .8650” and NZDUSD has been confined to the narrower parameters thus far this week.
However, the positive tone after the RBNZ rate decision sees skewed risk above .8650 and for an approach to .8695.
WHAT CHANGES THIS?
Upside: Through .8695 aims above the .8750 peak for the 2011 secular high at .8840 (with interim levels .8750 and .8800).
Downside: Only below .8500 sets a better top, a more bearish shift and targets erosion for .8440 and .8345.
Daily NZDUSD
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