25 Mar 2015
NZD/USD: Room for deeper targets in .6950/.6865 - JPMorgan
FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, continues to see targets in the .6950/.6865 zone for NZD/USD.
Key Quotes
"NZD/USD has held the important .7167/16 support area (February low/2011 low), last 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), last 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."