Flash: NZD/USD triangle suggests 0.78/0.79 pullbacks – ANZ

FXstreet.com (Barcelona) – The failure to retain 0.8300 and the sharpness of the slide raises the prospects of deeper retracements for a retest of 0.7800-0.7900 in NZD/USD, notes Tim Riddell, Head of Global Markets Research at ANZ.

Key Quotes

“A sustained rebound above 0.8420 is needed to alter the current profile of deeper retracements into 2014.”

“The sharp slide from the failed attempt to breach 0.8400 suggest that NZD is now at risk of an early break of the measured/retracement support around the 0.8115 area.”

“The style of the decline so far will raise concern over the potential of a deeper measured …read more