Price Action on NZDUSD & AUDUSD Suggests More Weakness To Come – 12th May 2016
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Trade Setups / Chart in Focus:
NZDUSD – Kiwi/dollar stalls at resistance
Notice the small bearish reversal bar that formed today in the NZDUSD, in-line with the recent sell-off we saw in this market last week. Today’s price action is a stalling pattern that has formed at a key resistance zone between 0.6840 – 0.6820 area and that could lead to more losses in the coming days. Whilst this pair remains under 0.6880 we will maintain a bearish bias in the coming days and see the potential for price to fall lower and re-test support near 0.6715 and if that level breaks, we could possibly see price near 0.6565.
AUDUSD – Aussie/dollar weakness continues
In-line with our recent commentaries on this pair, the AUDUSD remains bearish (weak) and we will continue to look for selling opportunities in this pair on any strength in the coming days whilst under 0.7490.
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