NZD/USD Price Analysis: Bears eye a break of 0.5650 to test 0.5620 and below – by fx_ross NZDUSD Technical Analysis
A 50% mean reversion could be ob the cards while below 0.5650.. The pair travelled in three levels of rising on Monday and has extended the rally in Asia on the back of the CPI data, falling within touching distance of Friday's highs around 0.5680.
Fresh Day 2 longs and old Day 1 longs that are committed to the upside are being squeezed at this point and as the weak hand's sell-out, a cascade of offers could result in a meaningful 50% mean reversion correction of the week's range so far ahead of the European session: If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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