8 Aug 2013
NZD/USD capped by 0.7970 zone
FXstreet.com (Chicago) - NZD/USD was capped by 0.7970 despite 0.78% daily gains.
Price action indicated a strong resistance at 0.7970 as the pair retraced from 0.7971 intraday highs. Oscillating between supports at 0.7955 (July 23rd lows), 0.7935 (July 31st lows), 0.7918 (July 18th highs) and resistances at 0.7970 (July 10th highs), 0.7982 (July 21st highs) ahead of 0.7998 (August 6th highs), the FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis as pair traded at 0.7958. CCI and Momentum indicators pointed up with neutral moving averages for short-term and positive moving averages for 50, 100 and 200 days.
The ICN technical analysis team reported the intraday bias was sideways with a short term trend heading down: “The pair maintains fluctuations, trading at 0.7900 resistance area for the past hours, accordingly holding below 0.7940 keeps the suggested bearish scenario valid.”
Later in the day, market participants await for job market data in the US to be released at 12:30 GMT.
Price action indicated a strong resistance at 0.7970 as the pair retraced from 0.7971 intraday highs. Oscillating between supports at 0.7955 (July 23rd lows), 0.7935 (July 31st lows), 0.7918 (July 18th highs) and resistances at 0.7970 (July 10th highs), 0.7982 (July 21st highs) ahead of 0.7998 (August 6th highs), the FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis as pair traded at 0.7958. CCI and Momentum indicators pointed up with neutral moving averages for short-term and positive moving averages for 50, 100 and 200 days.
The ICN technical analysis team reported the intraday bias was sideways with a short term trend heading down: “The pair maintains fluctuations, trading at 0.7900 resistance area for the past hours, accordingly holding below 0.7940 keeps the suggested bearish scenario valid.”
Later in the day, market participants await for job market data in the US to be released at 12:30 GMT.