14 Nov 2014
NZD/CNY Probable upswing seen – Westpac
FXStreet (Barcelona) - Analysts at Westpac see NZD/CNY all set for a major upswing as it has bottomed out again at 4.7000 levels.
Key Quotes
“Since 2010, NZDCNY has bottomed out around the 4.7000 level 5 times, the subsequent rallies ranging from 12% to 21% in the following 6-12 months. Last week’s low of 4.6874 was a false break of the last 3 major lows. Weakness could not be maintained.”
“The weekly close today is likely to produce a bullish 3 week candle pattern (morning star – see red circle), confirming a likely MT bottom.”
“This comes off the back of a MT momentum failure at the lows and subsequent MT momentum upswing.”
“The stage may well be set for the next major upswing.”
Key Quotes
“Since 2010, NZDCNY has bottomed out around the 4.7000 level 5 times, the subsequent rallies ranging from 12% to 21% in the following 6-12 months. Last week’s low of 4.6874 was a false break of the last 3 major lows. Weakness could not be maintained.”
“The weekly close today is likely to produce a bullish 3 week candle pattern (morning star – see red circle), confirming a likely MT bottom.”
“This comes off the back of a MT momentum failure at the lows and subsequent MT momentum upswing.”
“The stage may well be set for the next major upswing.”