Latest NZD USD Analysis and ForecastUpdated July 28th, 2021
Sell off and bounce, negative bias intact
Day trade update and view
A Wednesday sell off (as also seen Tuesday) to push below .6915 support to .6899 after failing early this week back from new .7010 resistance, rejecting Monday's rebound (just above trend line resistance from May) and despite a bounce whilst capped by .7010 we see negative pressures from the sell off from mid-June through to late July down to .6878 keeping risks lower for Thursday.
Day trade setup
- We see a downside bias for .6899, then maybe towards the new cycle low at .6878, even .6853.
- But above .6975 aims for .7010 and opens risk up to .7044.
The mid-June plunge below key .7113 support signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for .6508.
- What changes this? Above .7044 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.
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BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.