DAILY SPOT NZDUSD - Thursday's call and technicals
A rally since March’s .6744 base from close to the 200 day average rate and gains above the key daily averages has been positive for sentiment. While Tuesday’s bullish signals were confirmed, a loss of momentum ahead of a developing daily bear trend switched Wednesday’s signals to bearish. These too were confirmed, but for initial losses of over ¼ Big Fig being contained inside Tuesday’s up-day. Signals for Thursday are similar, but until the last 2 day lows are broken more cautious and the call is to sell on the open and then at .6859, today’s open in Asia with a stop loss at .6880, the daily bear trend. Targets are to .6826/28, the 2 day lows, .6809, a 50% pullback to March’s rally and .6788, this week’s base.
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