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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