NZD/USD Classical 05.03
NZD/USD: The latest break back above 0.7200 is somewhat concerning, with the market ending a bout of consolidation and inching closer to some key highs in the 0.7500’s. However, despite the latest surge, we continue to retain a bearish bias and still see the risks for some major declines over the medium-term. The 78.6% fib retracement off of the 2010 high-lows comes in by 0.7300 and we have taken advantage of the latest retracement by establishing a short position just over 0.7300. We would expect to see our bias confirmed on a break back under 0.7230. Above 0.7325 however will delay.
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