4 Sep 2013
Flash: NZD/USD could be part of long-running, frustration correction – ANZ
FXstreet.com (Lisbon) - Near-term NZD/USD rebounds actually lack impulse and could be part of a frustrating, running correction of the most recent slide from 0.8165, suggests Tim Riddell, Head of Global Markets Research at ANZ.
Key quotes
“Rather than building a base for further range trading, the failure to reach, let alone breach 0.7920 (seen as a near-term pivot), suggests that the downtrend could reassert itself for a slide (triggered below 0.7765) to test 0.7600 and potentially last year’s 0.7450-60 low.”
“A push above 0.7920 may reduce the downside risk, but would merely leave NZD/USD within a corrective trading range.”
Key quotes
“Rather than building a base for further range trading, the failure to reach, let alone breach 0.7920 (seen as a near-term pivot), suggests that the downtrend could reassert itself for a slide (triggered below 0.7765) to test 0.7600 and potentially last year’s 0.7450-60 low.”
“A push above 0.7920 may reduce the downside risk, but would merely leave NZD/USD within a corrective trading range.”