NZDUSD bearish extension threat intact
· As expected, a new cycle low through .8422, just holding above the key .8402 level, still capped by the trend line from July at .8460 and solid chart resistances at .8495 and .8535
· We still see bias for further downside pressures this week, with risk through the key June swing low at .8402 for a bigger topping structure.
· This would then aim at the 61.8% retrace of the 2014 up move at .8350 and chart supports at .8280 and .8240.
WHAT CHANGES THIS?
· .Above .8535 eases bear risks; through .8600 signals a neutral tone, only shifting positive above .8710.
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4 Hour NZDUSD Chart
Daily NZDUSD Chart