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nzd technical

NZDCHF has seen a gradual ascension from the yearly lows witnessed in March.

Prices have failed in an attempt to break out of the upper regression line, leading to a move to the median regression. Further weakness in the pair has seen a double bottom at the lower regression.

A hidden bearish divergence supported the move to the downside as price now see a break of the lower channel.

The next likely target could be 50% of the 0.5298/0.6551 Fibonacci leg. This would push prices towards the 0.60 area as the Ichimoku cloud and Kijun line hangs on.

nzd

A shorter-term perspective looks at a break past the lower ascending channel.

The previous hidden bullish divergence supported a move to monthly highs. However, weakness since then has led prices to fall past the 50% 0.6185/0.5907 downside Fibonacci leg.

Should further weakness ensue, a fall past 0.60 is expected, with the 23.6% Fibonacci area the next target. The downside move is also supported with prices trading far away from the Ickimoku clo...


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