Technical strategy for NZD / USD: short at 0.6863
The New Zealand dollar falling below the support trend Monthly, referring to more losses on the horizon
Enter short positions with target above the 0.68 level against the US dollar
Hui New Zealand dollar against the US dollar, just as had been expected after testing constitute a pattern of negative black cloud candlestick pattern. Penetrated prices now below the support which restricts the bears moves since mid-March, a reference to the emergence of a negative reflection of the largest on the horizon.
The daily closing prices below 38.2% Fibonacci correction at 0.6784 based allow to test the 50% Fib at 0.6701. In contrast, the height above 0.6887- a meeting point for the 23.6% Fib and the trend line support-turned-resistance-- paving the way to target the 14.6% correction at 0.6951 object.
Sites suggest the possibility that the New Zealand / US dollar pair is in the process of resuming a downward trend in line with our fundamental outlook for the year 2016 and we shall enter Short positions at 0.6784 with a target at first. It will run the stop-loss points on the basis of the daily closing prices above the level of 0.6887. it will reap the profits on half the site and move the stop points to draw level when they reach the first goal.
