29 Jan 2015
NZD/USD: Next realistic support at 0.7289 - FXCharts
FXStreet (Bali) - After the massive sell-off, breaking through the 38.2% fib retrac from the post GFC rally, the next realistic support for the NZD/USD is at the 21 March 2011 low at 0.7289, notes Jim Langlands, Founder at FXCharts.
Key Quotes
"The Kiwi is sharply lower after the RBNZ kept rates on hold, delivered a more dovish statement and once again talked the Kiwi lower, stating that current levels were unjustifiably high."
"That seemed to do the trick and the Kiwi immediately dived to a 4 year low, so far trading down to 0.7328 and looking as though there is more to come."
"The next realistic support is at the 21 March 2011 low at 0.7289 and then at the spike low at 0.7115 (17 Mar 2011)."
"The topside will see decent sellers at 0.7400 and above now, and selling rallies would seem to be the plan. The first Fibo resistance is now at 0.7460."
Key Quotes
"The Kiwi is sharply lower after the RBNZ kept rates on hold, delivered a more dovish statement and once again talked the Kiwi lower, stating that current levels were unjustifiably high."
"That seemed to do the trick and the Kiwi immediately dived to a 4 year low, so far trading down to 0.7328 and looking as though there is more to come."
"The next realistic support is at the 21 March 2011 low at 0.7289 and then at the spike low at 0.7115 (17 Mar 2011)."
"The topside will see decent sellers at 0.7400 and above now, and selling rallies would seem to be the plan. The first Fibo resistance is now at 0.7460."