25 Mar 2015
SEB: NZD/USD sees an end to the the correction? – eFXnews
FXStreet (Barcelona) - The eFXnews Team notes SEB views that recent price action suggests NZD/USD might be seeing an end to its upside correction, further noting that a break below 0.7623 would be the first sell signal.
Key Quotes
“If this is a normal bear market correction, a three wave (a-b-c) three wave correction well then we are likely at the turning point (actually a few points above it, 0.7634).”
“Yesterday's doji candle shows lack of interest buying the break higher and if followed by a net down candle today we see the correction as having ended. A false break up from a 'box' is also often followed by an impulsive move in the opposite direction.”
“Breaking 0.7623 will be the first shorter sell signal."
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“If this is a normal bear market correction, a three wave (a-b-c) three wave correction well then we are likely at the turning point (actually a few points above it, 0.7634).”
“Yesterday's doji candle shows lack of interest buying the break higher and if followed by a net down candle today we see the correction as having ended. A false break up from a 'box' is also often followed by an impulsive move in the opposite direction.”
“Breaking 0.7623 will be the first shorter sell signal."
This content has been provided under specific arrangement with eFXnews.