nzdusd -.6311-.6456 range breakout is key to direction this week
NZDUSD .6389 — Short-term Neutral — .6311-.6456 range breakout is key to direction this week
NZDUSD formed a rising wedge last week between the .6456 high (September 18, 2015) and the .6255 low (September 9, 2015). A clean breakout above .6456 (near 4-month falling wedge resistance) is key to a bottoming process and extend the recovery towards .6504 then .6560 (August 27/25, 2015 highs) near 61.8% of the .6707/.6243 fall. However, a deeper setback below .6311 (September 17, 2015 low) would suggest near-term topping and resume broad downtrend towards .6243/.6255 then .6196 recent lows for a retest.
Outlook:
Intraday:neutral
Daily:neutral
Weekly: bearish
NZDUSD formed a rising wedge last week between the .6456 high (September 18, 2015) and the .6255 low (September 9, 2015). A clean breakout above .6456 (near 4-month falling wedge resistance) is key to a bottoming process and extend the recovery towards .6504 then .6560 (August 27/25, 2015 highs) near 61.8% of the .6707/.6243 fall. However, a deeper setback below .6311 (September 17, 2015 low) would suggest near-term topping and resume broad downtrend towards .6243/.6255 then .6196 recent lows for a retest.
Outlook:
Intraday:neutral
Daily:neutral
Weekly: bearish
