Steve Miley, MSTA
MarketChartist
NZDUSD eyes multi-decade, secular high from 2011 at .8845
An inside Friday after the Thursday prod higher, still hesitant at the key long term resistance barrier at .8845 (see below), but we still see a resilient tone.
The rebound last week from ahead of the consolidation support line, now .8715 leaves risks still higher whilst above here and even modest support at .8780/75.
We see risk to the 2011 peak at .8845, the highest level for NZDUSD for 33 years (since Q2 1981).
A break above here would aim for minor targets at .8900 and .8955, with a key target at .9000.
WHAT CHANGES THIS?
Below .8775 eases bull risks; through .8715 signals a neutral tone, only shifting negative below .8662.
4 Hour NZDUSD Chart
Quarterly NZDUSD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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