NZD/USD – Sharp drop likely below 0.70
Wednesday’s bearish engulfing/bearish outside day candle followed by a failure at 50-DMA today despite the sharp rise in the NZ CPI data if followed by a breach of psychological support at 0.70 levels would open doors for a quick fire sell-off to 0.69 handle.
Only a daily close above 0.7090 (Mar 21 high) would open doors for a rally to 0.8250.
Only a daily close above 0.7090 (Mar 21 high) would open doors for a rally to 0.8250.
