NZD/USD Classical Technical Report 04.05

NZD/USD: The market has been locked in a sideways chop over the past several sessions to temporarily delay our bearish outlook. However, any rallies towards and just over 0.8200 are viewed as a formidable opportunity to look to establish fresh short positions in favor of underlying bear trend resumption. Look for renewed weakness and a break and close back below 0.8055 over the coming sessions. Ultimately, only a close back above 0.8300 would give reason for concern.