LOOKING TO BUY BELOW KEY PSYCHOLOGICAL BARRIERS
Eur/Nzd: The cross rate is now oversold on the hourly and daily chart and we contend that a material corrective bounce is on the horizon. The market is now looking to test critical psychological barriers by 2.1000 and any setbacks below this barrier should be limited. The daily ATR for the cross comes in at 265 points which would project a daily low on Monday by 2.0975. As such, we will be waiting for a break towards this level to establish our counter-trend long position. STRATEGY: BUY @2.0980 FOR AN OPEN OBJECTIVE, REVISED STOP @2.0780.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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