12 Feb 2015
NZD/USD bear bias back – MarketChartist
FXStreet (Barcelona) - Steve Miley of MarketChartist, gives the technical outlook for NZD/USD, viewing further downside risks for the pair into mid-February.
Key Quotes
“Yet another setback from the 38.2% retracement at .7450 ahead of firm chart barriers at .7474/96 to push below modest support at .7384 to leave a negative bias near term and through mid-month.”
“We still see a roll lower and downside risks into mid-February to reinforce the late January break below our key target, .7371, the 2011 cycle low, which confirmed a multi-year Double Top pattern.”
Key Quotes
“Yet another setback from the 38.2% retracement at .7450 ahead of firm chart barriers at .7474/96 to push below modest support at .7384 to leave a negative bias near term and through mid-month.”
“We still see a roll lower and downside risks into mid-February to reinforce the late January break below our key target, .7371, the 2011 cycle low, which confirmed a multi-year Double Top pattern.”