The future does not look too bright for any non-USD currencies. The US Dollar is regaining its strength once again sending several gaps in its favor. NZDUSD in particular caught our attention due to its support failure on all the fibonacci retracement levels.
The price just broke through the 61.8 Fibs level completely. The next level is the 100.0, which is over 100 pips away. This would be a good opportunity for a conservative sell due to the fact that it is no longer near the top of the channel boundary. While no upside is likely, it is still possible for the price to reverse back up to the 0.7860 range of the upper channel limits.
Currently no price targets have been set up. The aim is to maximize profits from this slump so best to have a trailing stop loss set in place for now. One possible price target is the 100.0 Fibs level, but it is currently deemed very weak.
