Goldman Sachs has high conviction NZDUSD short targeting 0.70 (spot currently 0.7211)
- Via Goldman Sachs' technical analysts
- Says the selloff into August was clearly impulsive, unfolding in a textbook 5-waves, and this suggests that there needs to be at least one more 5-wave decline to follow this
- GS sees the next level of support at 0.7185; 50% retrace since May, says pullbacks from here should find resistance at 0.7257 and 0.7288 (38.2% and 61.8% retrace from the high).
- Adds it should not run past 0.7335; top of wave 1/Aug. high. Ultimately see scope to reach ~0.70; an ABC from July and 76.4% retrace.
23 Aug 2017 - 16:38- Forex- Source: Goldman Sachs
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