Yet another setback from the 38.2% retracement at .7450 ahead of firm chart barriers at .7474/96 to push below modest support at .7384 to leave a negative bias near term and through mid-month.
We still see a roll lower and downside risks into mid-February to reinforce the late January break below our key target, .7371, the 2011 cycle low, which confirmed a multi-year Double Top pattern.
A taster of the report above. To view the full NZDUSD report (published Wednesday 11th February, 4.00 p.m. GMT) with screencasts, levels and more, click here
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2 Hour NZDUSD Chart