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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.”

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