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28 May 2015
NZD/CAD: 0.8620/25 below double top trigger - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that they noted in their last update that NZD/CAD’s early May rebound might have some room to extend.
Key Quotes:
"But our view that gains would likely be limited to the 0.91 area (retracement and 200-day MA resistance) proved correct."
"And now, the Kiwi looks in trouble again; as we have stressed previously, the longer-term picture here looks very NZD-negative (major, long-term bear reversal signals developed earlier in the year around long-term range highs)."
"The May consolidation looks to have formed a bear wedge and weakness below the base today suggests that heavy selling of the NZD may be resuming."
"New cycle lows will confirm the bias for a push to 0.8620/25 (major weekly support and 0.9620 double top trigger)."
Key Quotes:
"But our view that gains would likely be limited to the 0.91 area (retracement and 200-day MA resistance) proved correct."
"And now, the Kiwi looks in trouble again; as we have stressed previously, the longer-term picture here looks very NZD-negative (major, long-term bear reversal signals developed earlier in the year around long-term range highs)."
"The May consolidation looks to have formed a bear wedge and weakness below the base today suggests that heavy selling of the NZD may be resuming."
"New cycle lows will confirm the bias for a push to 0.8620/25 (major weekly support and 0.9620 double top trigger)."