9 Jul 2013
NZD/USD testing the 0.7800 barrier
FXstreet.com (New York) - The NZD/USD technical pair has retreated slightly during Asian trading, retesting the 0.7800 barrier Tuesday morning.
NZD/USD downtrend in focus
“The prevailing NZD/USD trend is strictly bearish as the 200-4H SMA is downward sloping and above price action. The 4H RSI has also been tagging 30 and holding most below 60 on pullbacks and consolidations, reflecting persistent bearish momentum. If the market can hold below 0.7800, it could still be focusing on the 0.7682 low, a break below which opens up a key support area starting around 0.7470.” notes Fan Yang, a CMT at FX Times.
NZD/USD downside could initiate after consolidation
In light of the recent pullback, the NZD/USD is now a tepid -0.03% off its opening, operating at 0.7798 in these moments. According to Global FX Strategist Sean Callow at Westpac, “The NZD/USD is stuck in a 0.7685-0.7860 range for two weeks, but a break to the downside looms.”
NZD/USD downtrend in focus
“The prevailing NZD/USD trend is strictly bearish as the 200-4H SMA is downward sloping and above price action. The 4H RSI has also been tagging 30 and holding most below 60 on pullbacks and consolidations, reflecting persistent bearish momentum. If the market can hold below 0.7800, it could still be focusing on the 0.7682 low, a break below which opens up a key support area starting around 0.7470.” notes Fan Yang, a CMT at FX Times.
NZD/USD downside could initiate after consolidation
In light of the recent pullback, the NZD/USD is now a tepid -0.03% off its opening, operating at 0.7798 in these moments. According to Global FX Strategist Sean Callow at Westpac, “The NZD/USD is stuck in a 0.7685-0.7860 range for two weeks, but a break to the downside looms.”