21 Aug 2013
NZD/USD orchestrates fresh collapse to weekly lows
FXstreet.com (New York) - The NZD/USD foreign exchange rate collapsed in cataclysmic fashion after yesterdays FOMC minutes, now deeply entrenched in negative territory during Asian trading.
Technically speaking, the NZD/USD is now operating at 0.7841, incurring fresh staunch of -1.72% thus far. Technically speaking, the NZD/USD has shattered virtually ever measure of support in its way, and will now look to slow its decline at 0.7824 (August 6 low), ahead of 0.7784 (July 11 low), and 0.7741 (July 15 low).
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The NZDUSD fell below the key support at its 50-days SMA around 0.7900, followed promptly by a free fall after the FOMC. This confirms a fresh downside movement, which now opens up a bearish scenario that could take the pair to the 0.7800 region.”
Technically speaking, the NZD/USD is now operating at 0.7841, incurring fresh staunch of -1.72% thus far. Technically speaking, the NZD/USD has shattered virtually ever measure of support in its way, and will now look to slow its decline at 0.7824 (August 6 low), ahead of 0.7784 (July 11 low), and 0.7741 (July 15 low).
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The NZDUSD fell below the key support at its 50-days SMA around 0.7900, followed promptly by a free fall after the FOMC. This confirms a fresh downside movement, which now opens up a bearish scenario that could take the pair to the 0.7800 region.”