14 Apr 2014
NZD/USD keeps pressure on 0.87
FXStreet (Bali) - NZD/USD is trading on a firm note just below 0.87 following a recovery off 0.8626 low (200-hourly SMA) last week.
NZD/USD saw steep falls during the early part of last week, although it managed to accelerate back up last Friday, with the exchange rate now likely to enter a consolidation phase between level of resistance 0.87 and 0.8630/50.
According to Jim Langlands, Founder at FXCharts: "The medium term uptrend though, remains intact and this will be the case as long as we remain above 0.8590. Before then the 200 HMA is at 0.8624 – Fridays low – and there will be further bids if we head towards 0.8600 (61.8% of 0.8513/0.8745). Below 0.8585 would be a bit more problematic for the Kiwi and could see a deeper decline towards 0.8560 and possibly to the 3 April low at 0.8513."
NZD/USD saw steep falls during the early part of last week, although it managed to accelerate back up last Friday, with the exchange rate now likely to enter a consolidation phase between level of resistance 0.87 and 0.8630/50.
According to Jim Langlands, Founder at FXCharts: "The medium term uptrend though, remains intact and this will be the case as long as we remain above 0.8590. Before then the 200 HMA is at 0.8624 – Fridays low – and there will be further bids if we head towards 0.8600 (61.8% of 0.8513/0.8745). Below 0.8585 would be a bit more problematic for the Kiwi and could see a deeper decline towards 0.8560 and possibly to the 3 April low at 0.8513."