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NZDUSD Is Looking For More Downside


Jan 03 2013

Commodity currencies are very weak after the FOMC meeting minutes, with NZD down against both other major commodity currencies CAD and AUD while USD is currently up against all of them. I have here 4h NZDUSD chart where price action is pointing lower, towards December lows after previous five wave fall in A), followed by a sharp but still possibly corrective rise to 61.8% retracament area. Intra-day weakness just slowed down at double channel lines; would love to see a break here to confirm a bearish view and discover some short entries.

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