We have seen some nice breakdown on NZD/USD last week, a push below two-year-old trendline support which means that pair can be in a new bearish cycle. We are tracking an impulsive decline, meaning that weakness is expected to stay here until we see a big five wave drop from 2017 high. It’s a long way to go, thus an opportunity on the short side. I was looking for shorts overnight but missed them slightly above 0.7000, but want to give it a new try on a retest of that level, of-course after an a-b-c recovery that I expect to see by the weekend.
If you want to hear more about NZD/USD then I invite you to watch my latest video analysis, in which I also talk about big Head and Shoulder pattern on crude oil and bullish view on GBP/AUD.
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