Antipodeans are feeling the brunt of another wave of risk-aversion, heavily beaten, with oil prices edging lower and the Chinese equities in a sea of red.
- NZD/USD dumped for a fourth consecutive session this week, hit session lows at 0.6613 our initial target in the previous call almost met. (http://www.econotimes.com/FxWirePro-NZD-USD-breaks-major-support-at-06720-good-to-sell-rallies-138338)
- Doji formed in the Asian session, with a high of 0.6654 and a low of 0.6613, with the pair having minor support at 0.6611 levels (Dec 8 lows).
- Bias is lower, only a recovery above the 200 DMA at 0.6825 would alleviate the downside pressures.
Recommendation: Book partial profits, further weakness will bring next targets at 0.66 and 0.6580 in sight.
