NZDUSD has given a second chance to get in and get short. From a fundamental perspective NZ want to devalue their currency and this was mentioned back in the summer by their central bank. NZDUSD has gone from highs of roughly 0.7560 down to roughly 0.6775.
The CFTC report shows institutions increased their short positions.
From a technical perspective, 0.6815 to 0.6805 area has to break for the next big down leg.
Key fib price levels are;
0.6720 to 0.6710
0.6560 to 0.6545
0.6375 to 0.6350
A long term price line from August 2015 was broken in October 2017 and then acted as resistance for the next leg down.
We have been short since 0.6905. There is plenty of down side here, the RSI is not over sold, MACD MA's are crossing and the histogram should soon start to put in bars below the zero line. Lower highs and lower lows are being set, all the bounces are shorts.
Daily resistance is 0.6890/0.6880/0.6840.
We will add to our short on a bounce towards 0.6880-0.6870 zone.
Zaibatsu FX
The CFTC report shows institutions increased their short positions.
From a technical perspective, 0.6815 to 0.6805 area has to break for the next big down leg.
Key fib price levels are;
0.6720 to 0.6710
0.6560 to 0.6545
0.6375 to 0.6350
A long term price line from August 2015 was broken in October 2017 and then acted as resistance for the next leg down.
We have been short since 0.6905. There is plenty of down side here, the RSI is not over sold, MACD MA's are crossing and the histogram should soon start to put in bars below the zero line. Lower highs and lower lows are being set, all the bounces are shorts.
Daily resistance is 0.6890/0.6880/0.6840.
We will add to our short on a bounce towards 0.6880-0.6870 zone.
Zaibatsu FX