5 Mar 2015
NZD/USD: Another run towards 0.76? - FXCharts
FXStreet (Bali) - Today’s NZD/USD direction will come via the Australian data, notes Jim Langlands, Founder at FXCharts, adding that if the releases are strong, the topside could see another run towards 0.7600.
Key Quotes
"The Kiwi headed higher, to reach 0.7608 after the release of the slightly softer US ADP jobs data and still remains relatively firm, sitting at 0.7585. The AudNzd cross finally broke down through 1.0300, reaching a low of 1.0296, – with parity at some stage looking more or less inevitable, particularly as we head towards the next RBA meeting where a cut could well be on the cards."
"Today’s direction will come via the Australian data, and if strong, the topside could see another run towards 0.7600, beyond which would head to last week’s 0.7613 high where the Fibo resistance at 0.7616 (61.8% of 0.7175/0.7890) should again prove a tough nut to crack."
"On the downside, the nearby support lies at 0.7570 (minor) and then at the 100/200 HMA’s at 0.7545 and at 0.7535, below which, 0.7525 should prove pretty solid, if we see it down there, this being where the rising trend support now lies."
Key Quotes
"The Kiwi headed higher, to reach 0.7608 after the release of the slightly softer US ADP jobs data and still remains relatively firm, sitting at 0.7585. The AudNzd cross finally broke down through 1.0300, reaching a low of 1.0296, – with parity at some stage looking more or less inevitable, particularly as we head towards the next RBA meeting where a cut could well be on the cards."
"Today’s direction will come via the Australian data, and if strong, the topside could see another run towards 0.7600, beyond which would head to last week’s 0.7613 high where the Fibo resistance at 0.7616 (61.8% of 0.7175/0.7890) should again prove a tough nut to crack."
"On the downside, the nearby support lies at 0.7570 (minor) and then at the 100/200 HMA’s at 0.7545 and at 0.7535, below which, 0.7525 should prove pretty solid, if we see it down there, this being where the rising trend support now lies."