Commodity Currencies Weekly Technicals 06 November 2013

NZD/USD – Daily Chart

Strongly bounces off the key .8232/.8164 support zone and eyes the .8437 September high

NZD/USD is strongly bouncing off the .8232/.8106 significant support zone where the October lows, 200 day moving average and the August peak can be seen.

The currency pair now targets the September peak at .8437 around which it is likely to struggle again, though.

In case of an unexpected rise above the October high at .8545 being seen, the .8588 late April high and the 2011-13 resistance line at .8621 could also be reached. This we do not expect to happen at the moment, though.

Only a drop through and daily close below the .8193 October low will point to a reversal being formed with the .7800/.7683 region
then being back in the picture.

Further range trading between the .8500 mark and the .8200 level seems to be on the cards for the days ahead.

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