16 Apr 2014
NZD/USD: Increasing risks of setbacks for eventual 0.82/83 comeback - ANZ
FXStreet (Bali) - Tim Riddell, Head of Global Markets Research at ANZ, expects a return to 0.82-0.83 in NZD/USD.
Key Quotes
"The current uptrend is seen as redefining range resistance and is now considered to be in its final stages."
"Although this uptrend could still extend towards a full retest of 0.8845, the broader bias is for a break of the near-term uptrend which should then trigger a return to mid-consolidation support in the 0.82-0.83 area."
"Despite the early April slide to test rising channel support, NZD/USD continues to trend towards 2011’s 0.8845 high."
"Nevertheless, further momentum divergence on moves above 0.8700 can be considered as triple divergence (peaks since late March occurred with lower momentum)."
"This underscores both the maturity of the rally and increasing risks of corrections, even though the uptrend has yet to be broken."
Key Quotes
"The current uptrend is seen as redefining range resistance and is now considered to be in its final stages."
"Although this uptrend could still extend towards a full retest of 0.8845, the broader bias is for a break of the near-term uptrend which should then trigger a return to mid-consolidation support in the 0.82-0.83 area."
"Despite the early April slide to test rising channel support, NZD/USD continues to trend towards 2011’s 0.8845 high."
"Nevertheless, further momentum divergence on moves above 0.8700 can be considered as triple divergence (peaks since late March occurred with lower momentum)."
"This underscores both the maturity of the rally and increasing risks of corrections, even though the uptrend has yet to be broken."