Fiiyat

RBNZ want a cheaper KIWI !!

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Based on the fundamental facts that the RBNZ need a cheaper Kiwi to improve their economy. That and concern over the dairy trade will bring the Kiwi lower.

In regards to the technicals, according to the ABCD Fibonacci extension there is further downside to be seen. This geometrical pattern was structured using the weekly pivot high as A (0.8840), weekly pivot low as B (0.7354) and weekly pivot high July 2014 yearly high as C (0.8840).

The RED arrow points to where price broke through the triangle pattern and created a new Supply Zone . This RED SUPPLY zone should keep price down and is a great zone to short the Kiwi in regards to risk reward!

I have 3 D extension targets in which Target 1 and 2 or more likely to get hit. I am expecting Targets 1 and 2 to be hit within the 1st half of 2015.