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$NZDUSD Bear Bias Intact

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$NZDUSD Bear Bias Intact

As expected, the intra day rebound effort Wednesday produced a neutral consolidation theme for Thursday, but with a negative bias.

This leaves bias for further digestion with a negative bias into Friday, but the Tuesday-Wednesday breakdown after the Chinese Yuan devaluation has re-energized the underlying bear theme into August.

For Today: We see a neutral tone between .6623 and .6516 (with a negative bias).

Break above .6623 aims for 6650 and .6674/80, which we would look to try to cap.

Break below .6516 aims for .6465, which we would look to try to hold.

Short/ Intermediate-term Outlook - Downside Risks:

We see a negative tone with the bearish threat to longer term targets at .6404 and .6196/54.

Overshoot threat is lower to maybe .6000.

What Changes This? Above .6772 signals a neutral tone, only shifting positive above .6930. 


 

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2 Hour NZDUSD Chart

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Daily NZDUSD Chart

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Monthly NZDUSD Chart

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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