Tuesday, September 27, 2016

Nzdusd: Bearish move to continue below 0.733?

In the last update on Nzdusd, we pointed to the break out of the 'double-zigzag'wave (ii).

Price dipped to 0.7219 wave i of (ii) after which a rally follow to 0.7330. Considering that price is now at a strong resistance, it will require a strong momentum to continue the bullish move above 0.7330.

We still put our money in the bears in as much price is still contained below 0.7366.

We expect price to continue the bearish move to at least 0.7082 after breaking 0.7219 barrier.

The reward downside makes some sense, right?

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