5 Dec 2013
NZD/USD in no man's land; capped below 0.8240/50
FXstreet.com (Bali) - NZD/USD trades in a tight range, within a context of neutral to slightly bearish bias after 0.8240/50 loss - tech support - this month, yet still very much in no man's land in the middle of its daily kumo cloud ahead of NFP on Friday.
NZD/USD technicals
More choppiness is expected ahead, notes Jim Langlands, Founder at FXCharts, who recommends "using the 0.8195 neckline as a pivot", adding that "the H&S formation has now become very messy and is probably invalid, however I still think we are headed lower in the course of time but we need to get below the 200 DMA and then the 100 DMA (0.8146) in order to gain any real momentum."
Any recoveries by the NZD/USD will face resistance at 0.8240/50, beyond there, Jim thinks "would head on towards 0.8275 (0.618 of 0.8393/0.8084), ahead of 0.8300 and 0.8315 (descending trend resistance/76.4% Fibo resistance)."
NZD/USD technicals
More choppiness is expected ahead, notes Jim Langlands, Founder at FXCharts, who recommends "using the 0.8195 neckline as a pivot", adding that "the H&S formation has now become very messy and is probably invalid, however I still think we are headed lower in the course of time but we need to get below the 200 DMA and then the 100 DMA (0.8146) in order to gain any real momentum."
Any recoveries by the NZD/USD will face resistance at 0.8240/50, beyond there, Jim thinks "would head on towards 0.8275 (0.618 of 0.8393/0.8084), ahead of 0.8300 and 0.8315 (descending trend resistance/76.4% Fibo resistance)."