Commodity Currencies Weekly Technicals 04 December 2013

NZD/USD – Daily Chart

Held at .8165/.8084 key support, a fall through which will eye the .7873/.7683 region

NZD/USD is once again trading above the 200 day moving average at .8165, having briefly dipped to .8084 last week.

The .8165/.8084 area represents significant support, made up of the 200 day moving average, the October and early November lows, 50% retracement, July peak and current November trough.

Should a drop through the .8084 low be seen, our forecast of a reversal lower being formed will be confirmed.
In this case the psychological .8000 zone and then the .7879/.7683 region (200 week moving average and the June to August lows) will be back in the picture.

We will retain our view of a top being formed as long as NZD/USD stays below the .8408/16 current November highs. Resistance below this area can be seen along the 55 day moving average at .8299 and the channel resistance line at .8325.

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