NZD/USD set for a deeper correction – SG

30 January 2015, 06:59
Andrius Kulvinskas
0
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Analysts at Societe Generale, view NZD/USD set for a deeper correction, expecting the pair to head towards 0.6870 levels in 1-3 months.

Key Quotes

“The pair has confirmed a multi-month head and shoulder (daily chart) and is evolving within a descending channel.”

“The monthly MACD has drifted into negative territory, suggesting a continuation in the downtrend.”

“Thus, NZD/USD looks set for a much deeper correction towards 0.6870 and probably even towards 0.64, the 61.8% retracement of the 2009-2011 up move. 0.72/0.71 will be an intermediate support.”
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