Commodity Currencies Weekly Technicals 26 February 2014

NZD/USD – Daily Chart

Remains sidelined while capped by the .8394/.8437 resistance area and supported by .8051

NZD/USD remains sidelined below the .8394/.8437 resistance area which is made up of the September, November, January and current February highs.

Minor support is seen between the 55 day moving average at .8262 and the February 20 low at .8242. Should it give way the next lower January 10 low at .8206 is likely to hold.

Strong support can be seen between the 200 day moving average at .8136 and the current February low at .8051.
We expect to see further range trading between the .8437 level and the .8051 significant support level and thus keep our neutral outlook.

In case of a daily close above .8437 being made, we will have to allow for the .8500 region and the October peak at .8545 to be revisited. A fall through the .8084/.51 support area would turn us bearish, and eye the psychological .8000 mark instead. We expect to see range trading.

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