After a rebound in the recent sessions, the NZD/USD has failed to clear the 0.8416/37 resistance area (September 19 & November 6 high pivots). As a potential head shoulders pattern is still present on the daily chart, the break below a short term support at 0.83 would trigger a correction toward 0.8169. A break below this support would accentuate this trend in the coming weeks. A break above 0.437 would invalid at this scenario. Sell Stop @ 0.8298 – Stoploss @ 0.8361 – Target @ 0.8171.
Read the full report: FX Strategy
Natixis