21 Nov 2013
NZD/USD is close to 61.8% Fibo; on drift away attempt for breakthrough consolidation
FXstreet.com (Chicago) - NZD/USD remains subdued despite soft attempt to breakthrough immediate resistance giving false alarms to bidders.
Perspective
According to Jim Langlands from FXcharts “the Kiwi once again failed at close to 0.8400 (0.8393 high), having climbed higher after very strong PPI data, and has headed lower in line with the overall US$ strength, ahead of the FOMC release” adding “Today use 0.8300/90 as a guide, with a more medium term view that if we can get below the 0.8190 neckline and the 200DMA at 0.8170, there is a good chance of heading towards the Head shoulder objective at 0.7850.”
NZD/USD Technical Levels
Price action reveals a pair that is under high bearish pressure and struggles to protect the immediate resistance, previously broken, ahead of the Asian session opening in a few minutes. At 0.8268, the pair strengthens and attempts to break away from the recently broken resistance at 0.8267 (November 15th lows) to now face 0.83 (November 18th lows) and 0.8371 (November 19th highs). On the downside, supports are aligned at 0.8230 (November 14th lows), 0.8192 (October 30th lows), 0.8155 (September 17th lows). According to the FXstreet.com trend index on one-hour timeframe analysis the pair is slightly bearish navigating below the EMA20.
Perspective
According to Jim Langlands from FXcharts “the Kiwi once again failed at close to 0.8400 (0.8393 high), having climbed higher after very strong PPI data, and has headed lower in line with the overall US$ strength, ahead of the FOMC release” adding “Today use 0.8300/90 as a guide, with a more medium term view that if we can get below the 0.8190 neckline and the 200DMA at 0.8170, there is a good chance of heading towards the Head shoulder objective at 0.7850.”
NZD/USD Technical Levels
Price action reveals a pair that is under high bearish pressure and struggles to protect the immediate resistance, previously broken, ahead of the Asian session opening in a few minutes. At 0.8268, the pair strengthens and attempts to break away from the recently broken resistance at 0.8267 (November 15th lows) to now face 0.83 (November 18th lows) and 0.8371 (November 19th highs). On the downside, supports are aligned at 0.8230 (November 14th lows), 0.8192 (October 30th lows), 0.8155 (September 17th lows). According to the FXstreet.com trend index on one-hour timeframe analysis the pair is slightly bearish navigating below the EMA20.