The New Zealand Dollar has seemingly invalidated a bearish Head and Shoulders chart formation against its US namesake but scope for recovery may be limited. Polling data ahead of the general election on September 23 pushed prices higher but gains might prove corrective in the context of a longer-term decline. Sizing up current positioning, a daily close above the 23.6% Fibonacci expansion at 0.7307 opens the door for a test of the 38.2% level at 0.7415. Alternatively, a reversal back below ...
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