NZDUSD confirmed a bearish break last week with the close below the August low and the 200 day moving average. There has been good downside follow through so far, the key level to watch is the break of the channel and close below 0,69 with a target of 0,46 over the next couple of years. (long term trade)
Is very much likely that the break will come the next couple of months. Then, the bearish break will be followed with a strong move down to 0.46 A similar move was seen before
It is also worth noting that a close above 0.76 would invalidate this view.
|Comments||Allow several months for the trade to develop|