NZD/USD - Gradual losses to deepen

Alan Collins 3cAnalysis

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.

Below Averages

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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