Commodity Currencies Weekly Technicals 11 March 2014 |
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NZD/USD once again tries to reach the .8527/45 resistance area which is made up of the October highs. We still believe that a top will be formed in the coming days.
Should a daily close above .8545 be made, though, the 2011-14 resistance line at .8587 will be in focus but should cap. If not, the 2013 peak at .8678 would be back in play.
Bullish upside pressure will be maintained while the currency pair trades above the five week support line at .8407.
Minor support can be seen around the .8394 mid-February high and then at the .8343 march 3 low. Only unexpected failure there would alleviate current upside pressure.
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