23 Jul 2013
NZD/USD bounce off lows persisting – is this more than a correction?
FXstreet.com (Barcelona) - The rally in NZD/USD that started on 7/8 continued into early Tuesday trading with the cross pressing higher towards “correction resistance” at 0.8053.
NZD/USD showing short-term strength versus US Dollar – like most other currencies
Just about all major currencies have been rallying versus the U.S. Dollar after the U.S. FOMC Chairman Bernanke’s dovish comments back on 7/10. While not a major currency, the New Zealand Dollar has followed suit with short-term relative strength of its own. In the case of NZD/USD, however, the relative strength in the Kiwi actually began on 7/8 after posting a short-term low at 0.7682.
Technical outlook for NZD/USD
Unfortunately for the NZD/USD bulls, according to most technicians, unless 0.8053 is conquered on a closing basis this rally will have been nothing more than a bear market bounce. If a breakout above that level occurs, the next resistance will come into play at 0.8182. Short-term support for NZD/USD comes in at the 7/12 closing low at 0.7772 and is followed up by the 7/8 low at 0.7682.
NZD/USD showing short-term strength versus US Dollar – like most other currencies
Just about all major currencies have been rallying versus the U.S. Dollar after the U.S. FOMC Chairman Bernanke’s dovish comments back on 7/10. While not a major currency, the New Zealand Dollar has followed suit with short-term relative strength of its own. In the case of NZD/USD, however, the relative strength in the Kiwi actually began on 7/8 after posting a short-term low at 0.7682.
Technical outlook for NZD/USD
Unfortunately for the NZD/USD bulls, according to most technicians, unless 0.8053 is conquered on a closing basis this rally will have been nothing more than a bear market bounce. If a breakout above that level occurs, the next resistance will come into play at 0.8182. Short-term support for NZD/USD comes in at the 7/12 closing low at 0.7772 and is followed up by the 7/8 low at 0.7682.