With some divergence visible after hitting the support zone 0.6390, some sort of recovery is expected. A bounce back to 0.6750 and 0.6870 is probable. Whether such a move is enough to reverse the long-term down trend remains to be seen.
Exit-short and monitor developments. For those seeking NZD long-exposure, we suggest looking at NZD/JPY. Developments there are more friendly.
Near-term trend: neutral
Long term trend: negative
Outlook: recovery in down trend
Strategy: exit-short / avoid
Support: 0.6430
Resistance: 0.6685 / 0.6750 / 0.6870+
Major shift in sentiment: above 0.6870
Exit-short and monitor developments. For those seeking NZD long-exposure, we suggest looking at NZD/JPY. Developments there are more friendly.
Near-term trend: neutral
Long term trend: negative
Outlook: recovery in down trend
Strategy: exit-short / avoid
Support: 0.6430
Resistance: 0.6685 / 0.6750 / 0.6870+
Major shift in sentiment: above 0.6870
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