NZD/USD: Pullback appears to remain short-lived - SocGen

NZD/USD confirmed an H&S and almost achieved SocGen’s initial target of 0.6950 which happens to be last July lows, as noted by the Research Team at Societe Generale.

Key Quotes

“Currently a rebound is in force and it is now probing the lower bound of an up sloping channel drawn since January at 0.7190, also the 50% retracement of correction from November highs. Given the bearish patterns confirmed earlier, the pullback appears to remain short-lived. 0.7190 will be an immediate resistance while right shoulder levels near 0.7360/0.74 should be a key hurdle.”