24 Mar 2015
NZD/USD scope for 0.6950/0.6865 – JPM
FXStreet (Barcelona) - Niall O'Connor, FX Strategist at J.P.Morgan, suggests that as long as NZD/USD remains below the 0.7685/0.7610 resistance zone, a deeper move lower towards 0.6950/0.6865 is possible.
Key Quotes
“NZD/USD has held the important .7167/16 support area (February low/2011 low), this week’s failure and reversal from the key .7685/.7610 resistance zone should continue to define the upper-end of the current range.”
“Again, this area includes the downtrendline from the July high, the former range lows from December-January, as well as the late-Jan breakdown zone. This area takes on added importance given the potential double bottom at the Feb/March lows.”
“While intact, we continue to see room for new lows with deeper targets in the .6950/.6865 zone – includes the August ’10 low and the 50% retracement from the 2009 cycle low.
Key Quotes
“NZD/USD has held the important .7167/16 support area (February low/2011 low), this week’s failure and reversal from the key .7685/.7610 resistance zone should continue to define the upper-end of the current range.”
“Again, this area includes the downtrendline from the July high, the former range lows from December-January, as well as the late-Jan breakdown zone. This area takes on added importance given the potential double bottom at the Feb/March lows.”
“While intact, we continue to see room for new lows with deeper targets in the .6950/.6865 zone – includes the August ’10 low and the 50% retracement from the 2009 cycle low.