NZD/USD poised to challenge key neckline, 0.7605
- Further erosion into the end of last week after an extremely aggressive head fake failure with a bearish outside Thursday from ahead of.8053.
- This leaves downside threat to the .7690 cycle low into this week, particularly having previously probed below the 78.6% retrace of the 2012-13 rally, .7720.
- Bearish extension risk through mid-July is through an interim prop .7620 and a key neckline support at .7605, then to aim for the 2012 low at .7455
- Growing July threat however, is to a critical 2011 low .7370; a break confirms a bigger top.
- Above .7968 eases bear risks, only to neutral through above .8053.
:
NZD/USD" width="1029" height="773">