NZDUSD-Breaks below rising wedge support, eyes lower
NZDUSD 0.6310 – bearish – Breaks below rising wedge support, eyes lower
NZDUSD was capped at last Friday’s .6457 high (September 18, 2015) near the 4-month falling wedge resistance). Subsequent sharp fall breaks below 1-week rising wedge support, suggesting topping and resuming the broad downtrend to risk .6196/.6243 for a retest. Below would accelerate the losses possibly towards .5831 (May 11/18 2009 lows). The .6400 area (September 21, 2015 high) should cap bounces near term. However, back above .6457 is needed to improve the outlook.
Outlook:
Intraday: bearish bullish
Daily: bearish
Weekly: bearish
NZDUSD was capped at last Friday’s .6457 high (September 18, 2015) near the 4-month falling wedge resistance). Subsequent sharp fall breaks below 1-week rising wedge support, suggesting topping and resuming the broad downtrend to risk .6196/.6243 for a retest. Below would accelerate the losses possibly towards .5831 (May 11/18 2009 lows). The .6400 area (September 21, 2015 high) should cap bounces near term. However, back above .6457 is needed to improve the outlook.
Outlook:
Intraday: bearish bullish
Daily: bearish
Weekly: bearish
