Commodity Currencies Weekly Technicals 10 February 2014 |
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NZD/USD’s rejection by the .8408/37 resistance area, made up of the September/November highs, took it all the way to the current February low at .8051. From there it has swiftly shot up, though, and now trades back around the .8300 level, towards the middle of its recent range.
Last week’s rally leads us to believe that the recent descent below the .8084 November low was nothing more than a false breakout to the downside.
We therefore expect to see further range trading between the .8408/37 resistance area and the .8084/51 significant support zone 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.
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