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14 Jan 2015
NZD/USD under pressure, 0.77 holds so far
FXStreet (Bali) - NZD/USD came under pressure on Tuesday, with strong buying in AUD/NZD also underpinning NZD/USD sellers, with the rate setting its lowest at 0.7712, first tested the 7 Jan low and still holding ahead of Tokyo.
NZD/USD appears to have entered a period of accumulation after a 2-wave impulsive cycle in the hourly chart following a topside failure above the 0.7850 resistance level, with a third and final 3rd wave down possibly in store.
Jim Langlands, Founder at FXCharts, notes: "The short term charts look negative though and if we take out 0.7700, then we are headed to the Jan 6 low at 0.7682, below which would see a continuation lower towards 0.7608(9 Dec low) and the base of the descending wedge at 0.7565. A return to the topside would find sellers at 0.7740/50 ahead of the 200 HMA at 0.7760 and the 100 HMA at 0.7793."
NZD/USD appears to have entered a period of accumulation after a 2-wave impulsive cycle in the hourly chart following a topside failure above the 0.7850 resistance level, with a third and final 3rd wave down possibly in store.
Jim Langlands, Founder at FXCharts, notes: "The short term charts look negative though and if we take out 0.7700, then we are headed to the Jan 6 low at 0.7682, below which would see a continuation lower towards 0.7608(9 Dec low) and the base of the descending wedge at 0.7565. A return to the topside would find sellers at 0.7740/50 ahead of the 200 HMA at 0.7760 and the 100 HMA at 0.7793."