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7 Jan 2014
NZD/USD to pull a convincing break?
FXstreet.com (London) - NZD/USD is sticking to a tight range after the move up to the 0.83 handle. Can it pull off a convincing break?
NZD/USD scored a high of 0.8306 but failed to claim the handle and has since dropped back below into the 0.8295/80 bracket. The unit is finding resistance within the bearish channel that was formed in October’s high. From the calendar, the pair will see the NZ trade balance while the rest of the week will be focused on the USD and US pending key data, such as NFP’s and the FOMC. Perhaps the bird will take flight on anything that disappoints the market this week.
NZD/USD Levels
The 20 DMA is 0.8224, the 50 DMA is 0.8242 and the 200 DMA is 0.8158. RSI (14) reads 63.08. Supports are ascending from 0.8180, 0.8199, 0.8229, 0.8244, 0.8258, 0.8320, 0.8336, 0.8368, and 0.8415.
NZD/USD scored a high of 0.8306 but failed to claim the handle and has since dropped back below into the 0.8295/80 bracket. The unit is finding resistance within the bearish channel that was formed in October’s high. From the calendar, the pair will see the NZ trade balance while the rest of the week will be focused on the USD and US pending key data, such as NFP’s and the FOMC. Perhaps the bird will take flight on anything that disappoints the market this week.
NZD/USD Levels
The 20 DMA is 0.8224, the 50 DMA is 0.8242 and the 200 DMA is 0.8158. RSI (14) reads 63.08. Supports are ascending from 0.8180, 0.8199, 0.8229, 0.8244, 0.8258, 0.8320, 0.8336, 0.8368, and 0.8415.