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NZDUSD Bigger Top; Downside Threat to 8435/30 and .8415

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NZDUSD bearish bias through month-end

  • We stated in our last report that “the threat into midweek is for a still more negative theme to test .8505/002.
  • A bullish failure Tuesday back from the .8595/ 9505 former support, now resistance reinforced the previous break last week of the May neckline and .8595 prop.
  • The plunge Wednesday below .8500 completes a better top (Double Headed Head & Shoulders?) for a more bearish theme into late May and early June.
  • We now see risk to chart and retrace levels at .8435/30 and .8415.
  • Overshoot threat next week is to .8330.


  • Above .8580 eases bear risks; through .8595 signals a neutral tone, only shifting positive above .8695.




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Tagged in: Bearish Forex FX NZD NZDUSD

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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