5 Feb 2014
NZD/USD erases gains, pulls back to 0.8200
FXStreet (Córdoba) - The NZD/USD lost steam in the last hours and pulled back toward 0.8200. After the release of the New Zealand employment report the pair jumped to 0.8256, reaching levels not seen since January 29, but failed to consolidated above 0.8240 and started to retreat.
Recently the pair bottomed at 0.8201, the price it had before the employment report. The Kiwi continues near the lows, attempting to hold above 0.8200.
Technical outlook for the NZD/USD
Currently the NZD/USD is moving with a short-term corrective mode after rising 200 pips from Tuesday’s lows to 0.8256. Price continues to hold below a downtrend line originated after peaking in January highs, that could offer dynamic resistance at 0.8260; showing that in a wider view, the bearish outlook still holds.
With yesterday’s gains the NZD/USD erased last week losses and was able to post the first daily gain after falling in the previous four trading days.
Recently the pair bottomed at 0.8201, the price it had before the employment report. The Kiwi continues near the lows, attempting to hold above 0.8200.
Technical outlook for the NZD/USD
Currently the NZD/USD is moving with a short-term corrective mode after rising 200 pips from Tuesday’s lows to 0.8256. Price continues to hold below a downtrend line originated after peaking in January highs, that could offer dynamic resistance at 0.8260; showing that in a wider view, the bearish outlook still holds.
With yesterday’s gains the NZD/USD erased last week losses and was able to post the first daily gain after falling in the previous four trading days.