Commodity Currencies Weekly Technicals 22 January 2014 |
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NZD/USD’s rejection by the .8408/37 resistance area, made up of the September/November highs, has so far taken it to the .8213 level.
We expect to see further range trading between the above mentioned resistance area and the .8213/.8084 significant support zone in the week ahead and thus remain neutral.
In case of a daily close above .8437 being made, though, we will have to allow for the .8500 region and the October peak at .8545 to be revisited.
While no daily chart close above .8437 is being made the 55 day moving average at .8250 and the five month support line at .8196 could be retested on a fall through the .8336/.8296 support area (December and early January highs and January 20 low).
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