AUDUSD, NZDUSD and USDCAD
NZDUSD
The NZDUSD traded close to the 100 day MA at the 0.71389 today. The low price was at 0.7147. The price has rebounded to 0.7167 currently. Looking at the daily chart below, the price fell below a neckline at the 0.7221 level yesterday. I don’t put a whole lot of faith in measured objectives for head and shoulders (seen many fail). However should be bearishness continue – for example a move below the 100 day moving average and then the 50% retracement of the recent move higher had 0.70798 (see chart below), it would open up the door for a test of support near 0.6965. That would be near the measured objective. It is still a long way off, and there needs to be that push below the 100 day MA, followed by momentum selling.