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16 Jun 2013
Flash: NZD/USD delivered knock-out technical blow for bears - TDS
FXstreet.com (Barcelona) - After the big bullish reversal delivered by the NZD/USD, the price patterns suggest the downtrend built over recent weeks may be over, notes Shaun Osborne, Chief FX Strategist at Toronto FX Research Team.
Near-term, if NZD/USD is able to achieve gains through 0.8145, "it should confirm the trend change and set the market on track for 0.8200/50 at least" Osborne writes.
The level from where the NZD/USD rebounded - 76.4% Fibo nacci retracement support from the 0.7460/0.8675 rally - adds weight to the bullish case, Osborne said.
Near-term, if NZD/USD is able to achieve gains through 0.8145, "it should confirm the trend change and set the market on track for 0.8200/50 at least" Osborne writes.
The level from where the NZD/USD rebounded - 76.4% Fibo nacci retracement support from the 0.7460/0.8675 rally - adds weight to the bullish case, Osborne said.