25 Mar 2014
NZD/USD retesting 0.8560/65 resistance
FXStreet (Bali) - NZD/USD is trading firmer in Asia, mainly on AUD strength, printing session highs of 0.8560 from an open of 0.8540, following the recovery from 0.8515 earlier on Monday.
Technically, Jim Langlands, Founder at FXCharts, notes that "on the topside, if the Kiwi can break back above 0.8565, it could then head back towards 0.86 although this looks unlikely in the near term", adding that "while it remains above 0.85, another run at 0.86 not be ruled out altogether and if the Aud breaks above 0.9170, it could well drag the kiwi along for the ride."
On the downside, it takes a break of 0.8530 to expose 0.85 again, notes Langlands, adding that "a break of this support would hint at a deeper decline, possibly towards 0.8470 and then to 0.8425 (23.6% of 0.7718/0.8640) and 0.8415 (38.2% of 0.8051/0.8640)."
Technically, Jim Langlands, Founder at FXCharts, notes that "on the topside, if the Kiwi can break back above 0.8565, it could then head back towards 0.86 although this looks unlikely in the near term", adding that "while it remains above 0.85, another run at 0.86 not be ruled out altogether and if the Aud breaks above 0.9170, it could well drag the kiwi along for the ride."
On the downside, it takes a break of 0.8530 to expose 0.85 again, notes Langlands, adding that "a break of this support would hint at a deeper decline, possibly towards 0.8470 and then to 0.8425 (23.6% of 0.7718/0.8640) and 0.8415 (38.2% of 0.8051/0.8640)."