Commodity Currencies Weekly Technicals 08 January 2014

NZD/USD – Daily Chart

Remains sidelined between the December low at .8084 and the .8437 September high

NZD/USD’s bounce off its .8117 late December low has so far taken it to .8319 in early January. This high was made only marginally below the .8336 December peak.

While no daily chart close above .8336 is being made our short term outlook will be neutral.

A significant support zone is still seen at .8194/.8084 (200 day moving average, October low, July and August peaks and November as well as December troughs).

Should a drop through the .8084 low be seen, the psychological .8000 zone and then the .7911/.7683 region (200 week moving average and the June to August lows) will be back on the map.

We will retain our view of a top being formed as long as NZD/USD stays below the .8408/37 September/November highs. A daily close above .8336 would push the .8408/37 resistance area back to the fore, though.

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