There is little question that the fundamentals have pulled the carpet from underneath this export-dependent economy, and that a slumping Asian theater demand will do nothing supportive for this currency.
However, on a technical basis, there is a possibility of a reversal at the 0.81335 level. This pattern is often flanked with its acolyte, namely the pattern, whose namesake points to a of the conclusive swing.
Overlay of predictive/forecasting model has produced the following probable targets - listed in expected chronological visits:
1 - TG-1 = 0.81335 - 10 SEP 2014
2 - TG-Hi = 0.84838 - 10 SEP 2014
3 - TG-2 = 0.7866 - 10 SEP 2014
As indicated earlier this evening in the Forex Intel Room (link: https://www.tradingview.com/chat/#xsmm44S00HaO5wCZ ):
"ANZ hit target on its $NZDUSD Short circa 0.82 (Medium-Term) at a profit of +400 pips"
This major bank's relief of its pressure on the $NZD supposes that a lightening up of institutional weight combined with above proposed technical reasoning, may indeed provide the mechanical lift to see it rise to the defined targets above.
I will continue to use this chart to post $NZD-related charting and technical commentaries, including occasional Forex Intelligence on major banks' FX positioning from linked room above.
Predictive Analysis & forecasting
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