NZD/USD Classical 05.18
NZD/USD: While some might argue that despite the latest pullbacks, the market is still locked in a bull channel off of the 2010 lows, we contend that the channel has now officially been broken, with additional declines seen over the coming weeks. Adding to our bearish case has been the latest two-day close below the 200-Day SMA. Look for an acceleration of setbacks to challenge the key 2010 lows by 0.6845 over the coming days. Any rallies should be well capped ahead of 0.7150.
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