Trading was again muted in NZD/USD yesterday. A new 2 week low was posted as the currency pair was sold to within 1 pip of our first negative target. But levels below .6400 were not maintained and trading was a broad consolidation. However, Selling pressure has reasserted in Asia this morning and has taken NZD/USD towards the month’s lows. An early reaction is probable but the underlying intraday tone is clearly bearish. So this morning’s call is a Modest Sell from 7am but leaving room to also Sell at .6403, Asia’s open. The risk is .6430, yesterday's top, with downside objectives at .6346 and .6327.
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