30 Jan 2015
NZD/USD set for a deeper correction – SG
FXStreet (Barcelona) - Analysts at Societe Generale, view NZD/USD set for a deeper correction and might head towards 0.6870 levels in 1-3 months.
Key Quotes
“The pair has confirmed a multi-month head and shoulder (daily chart) and is evolving within a descending channel.”
“The monthly MACD has drifted into negative territory, suggesting a continuation in the downtrend.”
“Thus, NZD/USD looks set for a much deeper correction towards 0.6870 and probably even towards 0.64, the 61.8% retracement of the 2009-2011 up move. 0.72/0.71 will be an intermediate support.”
Key Quotes
“The pair has confirmed a multi-month head and shoulder (daily chart) and is evolving within a descending channel.”
“The monthly MACD has drifted into negative territory, suggesting a continuation in the downtrend.”
“Thus, NZD/USD looks set for a much deeper correction towards 0.6870 and probably even towards 0.64, the 61.8% retracement of the 2009-2011 up move. 0.72/0.71 will be an intermediate support.”